The expense of tax compliance is too high for MSMEs — PEF

By flymultimediaghana Mar10,2024
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This is because most of them have to pay a high price for the services of experts and professional accountants in order to comply with the law because the tax regulations are too complicated for them to understand.

The expense of tax compliance is too high for MSMEs — PEF
The expense of tax compliance is too high for MSMEs — PEF

Some of these tiny enterprises, which are still getting started, have to pay an additional expense as a result.Dr. Isaac Nyame, the study’s leader, said in an interview with the Daily Graphic that the government needed to simplify its tax system so that it would be simple to understand and comply with given the nature of their businesses. The meeting was held to discuss the country’s current tax system with certain members of the Finance Committee in Parliament.

“They even have a difficult time comprehending the tax system, so they have to hire professionals to create financial statements and submit their taxes.

We found a glaring ignorance of the different taxes that impact their companies, and they don’t know who to turn to for the information they need,” he said.

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For this reason, he asked the Ghana Revenue Authority to step up its tax education efforts for MSME owners.

Despite their apparent readiness to comply with the different taxes, several of them have had little to no involvement with the GRA and are unsure of where to begin.

The tax-paying public, many of whom are still not in the tax system, needs to be thoroughly educated about taxes in order for them to comply, he continued.

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