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Agitations 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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The Ghana Agriculture Workers Union  has charged government to withdraw the new taxes imposed on the agricultural sector.

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.

" 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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