The expense of tax compliance is too high for MSMEs — PEF
Tax system with tiers
Dr. Nyame reaffirmed that the MSME sector needs a tiered tax structure.
According to him, the analysis demonstrated that MSMEs were negatively impacted by the uniform corporation tax rate of 25%.
They seem to be subject to a tax rate that is far greater than it ought to be. The same tax rate shouldn’t be applied to all small businesses.
It is unfair that larger corporations are paying at the same rate as they do. They require a tiered tax structure that considers their unique circumstances, he said.
According to him, the nation ought to take into account a turnover-based tax structure, in which companies would pay taxes in proportion to their earnings.
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