The Institute of Statistical Social and Economic Research (ISSER) has said that government’s plan to put in place a common platform to enhance the collection of property rate in the country is long overdue.
According to the economic and reserach organisation, a target of GH¢468 million from property rate in the 2022 fiscal year is inadequate.
In its review of the 2022 Mid-Year Budget and Economic Policy, Director of ISSER, Professor Peter Quartey urged government to embark on aggressive domestic revenue mobilisation through efficient tax and non-tax revenue generating measures.
On Ghana’s fiscal consolidation policy, Professor Quartey commdended government spending, saying it’s within target, but added achieving a fiscal deficit of 6.6% of Gross Domestic Product is ambitious and an uphill task.
Professor Quartey however called for stringent measures that will block loopholes that may exist in the collection of property rates in the country
“There is the need to modify structures as a means towards adapting to the increasingly volatile world economy.I think the amount earmarked for the property tax is inadequate but we have to adopt ways to mobilise more domestic revenue“.
With the passage of the Tax Exemptions Bill to explore delivering a regulatory regime for monitoring tax exemptions and ensure that exemptions granted are used for the intended purposes, he reiterated the need for monitoring and evaluation with sector ministries.
According to him, to withstand global shocks, Ghana needs domestic policies and a structural change of the economy to build resilience
In that regard, he reiterated the need to re-introduce road tolls to augment other domestic revenue generated.
“Ghana needs a national policy to withstand external shocks from other parts of the world.Re-introduce Tolls using the E-Pass System: outright removal of road tolls is not in the interest of government, especially in PPP arrangements. To address the usual congestion at Toll Gates – use E-Pass”, he lamented