Taxing the informal sector and Implementation of the modified taxation system to boost domestic revenue mobilization
The Chartered Institute of Taxation, Ghana invites you to CITG Virtual Seminar Series for September 2021 as follows:
Tax administration in Ghana has in recent years witnessed significant attention on expanding the next and how the informal sector can be properly taxed. There is a growing recognition of the potential benefits of informal sector taxation in terms of revenue. In terms of revenue, the sector forms a large, and growing share of GDP, and thus represents a potentially significant source of tax revenue.
Over the years, successive governments have introduced several strategies in an attempt to tax the informal sector and to broaden the tax base, but these have failed to bring it to the required level. About 86% of Ghana’s workforce is in the informal sector, but currently, the informal sector contributes less than 5% of the total tax revenue and because the informal sector does not get taxed, the overall tax burden is very unevenly distributed across the economy.
Tax policies over the years have focused on developing less distortionary tax regimes and tax simplification in order to reduce the costs of compliance in the informal sector. On the other hand, there appear to be structural challenges in taxing small businesses in the informal sector. This seminar is intended to discuss comparatively technical issues of revenue maximization and policy design to improved performance.
Main Theme Presenter: Dr. Isaac Nyame
Host: Mr. Francis Timore
Date: September 2, 2021