I am disappointed by the mid-year budget – GUTA President

The GUTA President, Dr Joseph Obeng has expressed disappointment at the 2023 mid-year budget.

According to him, despite the fact that no new taxes were introduced, they expected some existing ones to have been scrapped or the rates reduced.

“The budget did not touch on the high cost involved in doing business, no revision on taxes, high interest rate and high inflation issues have not been solved. Inflation from 53% to 42% is not acceptable, nothing has changed, there is no new thing in the budget,” he said.

Speaking in an interview on TV3’s Ghana Tonight, July 31, Dr Obeng disclosed that when the Finance Minister, Mr. Ofori-Atta engaged GUTA, he told them not to expect any changes in the mid -year budget review.

“The Finance Minister, pre-empted to us in a stakeholder’s engagement that we should not expect any changes, the November budget will consider some of our input,” he disclosed.

The GUTA president was speaking in relations to the mid-year budget which was presented by Finance Minister, Mr. Ken Ofori-Atta. To Parliament on 31st July. 2023.

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He explained that conditions imposed by the IMF have affected growth of businesses and the high exchange rate did not help businesses to thrive.

“Effects of the IMF and high exchange rate did not help; utility bills have gone up to 50% all these are not good for businesses,’’ the GUTA president noted.

Dr Obeng added that, the non- introduction of new taxes was bound to happen because, the businesses are overburdened and people were requesting for reduction in taxes instead.

He advised government to reduce expenditure to avoid a fall back on tax collection to overburden the people, adding that government should shy away from old ways of expenditure and adopt prudent ways to avoid high expenses.

“Stability and sustainability are what we want, so our businesses can grow. Government must ensure reduction in expenditure,” he urged.

Source:3news.com