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Govt committed to passage of Chartered Institute of Taxation Ghana bill into law

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Government is committed to ensure the passage of the Chartered Institute of Taxation Ghana (CITG) Bill into law to promote economic growth, development and improved living standards.

President John Evans Atta Mills, who made the pledge, explained that the Bill would soon be laid before Parliament to enhance CITG’s performance to realise its objects to complement government’s efforts to promote a sustainable tax system and a stable financial environment for economic growth and development.

The pledge was made in an address read on his behalf by Professor Newman Kwadwo Kusi, Special Advisor to the Minister of Finance and Economic Planning at the opening session of a two-day CITG Annual Tax Conference in Accra on Wednesday.

The conference on the theme: “Strategies for Growth in a Global Recession” would facilitate sharing of knowledge and experiences across West Africa to ensure professionals are up to new trends in the profession globally and improve tax compliance and revenue mobilisation.

It is expected to be attended by over 500 participants from tax institutes and revenues Authorities in the sub-region.

Participants would be taken through strategies of sustaining business enterprises in the wake of global financial meltdown and shaping strategies for tax revenue enhancement in a global economic down turn.

Other topics are the relevance of double taxation and exchange of information agreements for multi-national enterprises, transfer pricing rules and business strategy development and challenges.

President Mills said nations had been involved in signing Double Tax Agreements and Tax Information Exchange Agreement to enhance co-operation in tax matters through exchange information.

He said with these developments it was suitable for institutions dealing with the development of tax professionals to collaborate across the African continent to sustain development of the economy.

“Globalisation has made the world smaller and business and economies do not operate in isolation. Interdependency and International trade has become the order of the day and taxation has become more relevant in these transactions,” he added.

President Mills called on CITG to device schemes aimed at supplying the economy with highly skilled tax professionals to aid revenue mobilisation to ultimately wean the nation from donor support.

Mr Felix Ahima-Adonteng, President of CITG said the institute over the years had shown commitment to create a platform for quality and standardised professional services to both tax payers and tax administration to ensure improved revenue mobilisation.

He said the institute would come out with a communiqué after the conference and put forward constructive proposals to the Government to promote a sustainable economic development in the country.

Mr Ahima-Adonteng advised participants to come out with constructive comments to improve future conferences.

Source: GNA

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