The Securities and Exchanges Commission (SEC) has expressed surprise at government\u2019s decision to charge one percent tax on interests earned on investments following the implementation of the New Income Tax Law.<\/p>\n
The Commission describes the move as shooting down efforts aimed at increasing the banking population in the country.<\/p>\n
[contextly_sidebar id=”qvMiEVBMBeaT1J4Zkglm1pW1UaSTp7Z6″]Aspects of the New Income Tax Law requires investors to withhold one percent of all interests earned on their investments.<\/p>\n
The Head of Audit and Risk Management at the Securities and Exchanges Commission, Emmanuel Mensah said,<\/p>\n
\u201cThis will really draw back the fight that we have had to get more and more people into the financial system. The more we get people to invest in products like the mutual funds, the more we get people from the informal to the formal sector; I think that this tax imposition should be looked at again.\u201d<\/p>\n
He also tells Citi Business News<\/strong> the development is likely to impact on government\u2019s external debts as it will be compelled to borrow more from the external market,<\/p>\n \u00a0\u201cSometimes the government thinks when it needs money it can go to the external market to borrow and therefore what happens to the local market if this is not done. But it is, because eventually you did not build your local base for it to be strong\u2026 we strongly expect that the financial sector grows and become very strong.\u201d He stated.<\/p>\n –<\/p>\n By: Pius Amihere Eduku\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" The Securities and Exchanges Commission (SEC) has expressed surprise at government\u2019s decision to charge one percent tax on interests earned on investments following the implementation of the New Income Tax Law. The Commission describes the move as shooting down efforts aimed at increasing the banking population in the country. [contextly_sidebar id=”qvMiEVBMBeaT1J4Zkglm1pW1UaSTp7Z6″]Aspects of the New Income […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[32,171],"tags":[],"class_list":["post-179805","post","type-post","status-publish","format-standard","hentry","category-business","category-local-economy"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/179805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=179805"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/179805\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=179805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=179805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=179805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}