The Ghana Agriculture Workers Union has charged government to withdraw the new taxes imposed on the agricultural sector.
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Agriculture Workers Union hit at new Agric sector taxes
Under the New Tax Law Government imposed 20% on the Chargeable income derived by a financial institution from loan granted to a framing enterprise in the production of income of the enterprise.
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Under the New Tax Law Government has imposed 20% on the Chargeable Income derived by a financial institution from loan granted to a framing enterprise in the production of income of the enterprise.
The New Tax Law also imposes a 1% tax on Agro- processing companies operating in the country for 5 years, a 1% tax on Cocoa by-product business conducted wholly in the country for the first five years. All these taxes will be impose during the 5- year tax holiday enjoyed by new businesses after which the businesses will pay the 25% corporate tax imposed on all businesses.
GAWU however believes that the taxes are inimical to the growth of the Agric sector and must be removed or revised.
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" All we are saying is that the taxes imposed on the Agric sector will further hinder growth in a sector that is already challenged. A careful analysis of the taxes will deter provision of investments in the sector" GAWU says in a statement.
GAWU adds that governments input in the agric sector is not enough in propelling the sector to its full potential.
" Government must increase investment in the sector or maintain the tax holidays and incentives as they are" GAWU says.
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