The Member of Parliament for the Madina Constituency, Lawyer Francis Xavier Kojo Sosu has revealed that the seven (7) new (killer) taxes introduced by government will impose more hardships and burdens on Ghanaians.
According to the Madina MP, Lawyer Francis Xavier Sosu, the decision by the government to increase taxes in the 2021 budget as a means of mobilising more revenue to support National development will only subject Ghanaians to more hardships in the Country.
The Madina legislature noted that, it is sad to note that in this era of the pandemic, Government has imposed Covid-19 health levy, road toll increases, gaming tax, sanitation and pollution levy (borla tax), 1% increase in NHIL, 1% increase in VAT flat rate, increased Energy Sector Levy (ESLA) and financial sector clean up levy.
Lawyer Sosu stressed that, it is basic economics that taxes contract the economy through reduction in consumption and spending, increases the cost of business, and leads to high cost of products because the burden of tax is transferred to the final consumer and ultimately leads to high inflation.
He further indicated that, it is very insensitive for the government to take this approach in the management of the economy because it is the ordinary Ghanaian that suffers in the end.
He indicated that, this is certainly insensitive and dishonest because when the President, Akufo-Addo came into office, he promised to shift the focus of the country’s economy from taxation to production