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Economist Dr. Patrick Assuming emphasized the necessity for the 2024 budget to concentrate on enhancing tax compliance instead of introducing fresh taxes. Ahead of the impending presentation of the government’s 2024 Annual Budget Statement and Economic Policy by Finance Minister Ken Ofori-Atta to Parliament on November 15, 2023, there have been widespread calls urging the government to curtail expenditure to address the current economic challenges.
In an interview on Citi TV’s Point of View, Dr. Assuming stressed the need for leveraging existing tax measures to generate revenue rather than resorting to introducing new taxes. He highlighted the importance of directing attention towards compliance and exploring other readily available revenue sources rather than opting for the easier route of instituting new tax lines.
Expressing skepticism about the possibility of tax removal in the forthcoming budget, the Economist suggested that the likelihood of eliminating some tax measures seemed improbable. Dr. Assuming’s stance reflected a belief in prioritizing measures aimed at bolstering tax compliance and exploring alternative revenue streams as opposed to introducing additional tax burdens.
The impending budget presentation on Wednesday raises expectations and speculation about the government’s fiscal approach, especially concerning revenue generation and expenditure reduction to address the nation’s economic challenges.
