George Ohene Kwatia (right), CITG President, with other stakeholders after the conference
The president of the Chartered Institute of Taxation Ghana (CITG), George Ohene Kwatia, has stressed the pivotal role that understanding and adhering to the nation’s tax regulations plays in driving economic progress.
He, therefore, urged CITG members to deepen their comprehension of Ghana’s tax laws and actively foster voluntary compliance among taxpayers.
He made the call during the opening of a three-day 11th International Annual Tax Conference of the CITG, dubbed “Taxation and Economic Development: A review of Ghana’s Tax policies”.
The CITG president emphasised that a well-informed citizenry and business community are essential for effective tax implementation and collection. He said by raising awareness about tax regulations and encouraging transparent practices, his outfit aims at creating a taxation landscape that is both fair and conducive to economic growth.
Tax compliance
In his view, understanding and adhering to tax regulations are crucial for driving economic progress since taxes are a primary source of revenue for governments, and they fund essential public services, infrastructure development, and social programmes. He stated that by ensuring that taxpayers comply with tax laws, the government can collect the necessary revenue to fuel economic development initiatives.
Mr Ohene Kwatia added that encouraging taxpayers to voluntarily comply with tax regulations is essential for creating a stable and predictable revenue stream. According to him, voluntary compliance reduces the need for aggressive enforcement measures, which can be time-consuming and costly. He said when taxpayers comply willingly, it reduces the burden on both the government and the taxpayers themselves.
He, however, stressed that a well-informed citizenry and business community are essential for the effective implementation and collection of taxes. He noted that when individuals and businesses understand their tax obligations, they are more likely to accurately report their income and fulfill their tax liabilities. This, he indicated, reduces the likelihood of tax evasion, which can otherwise lead to revenue losses for the government.
He further indicated that raising awareness about tax regulations and encouraging transparent practices contribute to a fair tax system. “When taxpayers understand how their tax contributions are being used for public services and development, they are more likely to view the tax system as fair. This, in turn, fosters a sense of civic responsibility and cooperation,” he said.
The conference
Mr Ohene Kwatia indicated that the conference is more than just a gathering of professionals, noting “it’s an educational platform that equips participants with a broader and more nuanced understanding of taxation’s impact on economic development”.
He noted that by virtue of the local and international experts that were brought together, it fostered cross-disciplinary insights in holistic policy decisions.
It brought together both local and international professionals such as accountants, tax experts, policymakers, academia, lawyers, security experts, top business executives, financial directors and others whose duties were to raise revenue for the state.
By examining the nexus between taxation and economic development, the conference identified opportunities for refining the nation’s tax strategies to better serve the interests of both businesses and the overall economy.
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