{"id":283988,"date":"2017-01-12T06:00:59","date_gmt":"2017-01-12T06:00:59","guid":{"rendered":"http:\/\/citifmonline.com\/?p=283988"},"modified":"2017-01-12T06:00:59","modified_gmt":"2017-01-12T06:00:59","slug":"hurried-tax-cuts-wont-boost-growth-productivity-amoako-tuffour","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/01\/hurried-tax-cuts-wont-boost-growth-productivity-amoako-tuffour\/","title":{"rendered":"Hurried tax cuts won&#8217;t boost growth, productivity &#8211; Amoako-Tuffour"},"content":{"rendered":"<p>The Director of Research at the African Center for Economic Transformation (ACET), Dr.\u00a0Joe Amoako-Tuffour, has cautioned the New Patriotic Party (NPP), government against \u201churried\u201d tax cuts, given the nature of its campaign promises en route to election victory.<\/p>\n<p>Whilst Dr. Amoako-Tuffour considers some tax cuts may be obvious given their burden, he noted in an open\u00a0<span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citifmonline.com\/2017\/01\/11\/an-open-letter-to-new-finance-minister-dr-joe-amoako-tuffour-writes\/\">letter<\/a><\/strong><\/span> to the nominated Finance Minister, Ken Ofori-Atta, that &#8220;hurried tax cuts and exemptions will do little to boost productivity or spur growth.\u201d<\/p>\n<p>[contextly_sidebar id=&#8221;3Q9YJBdj34WEN3E43ue9Ql28ksycla5l&#8221;]The NPP indicated that, its management of the economy would see a shift in policy from taxation to production, to relieve the burden on the private sector and boost production.<\/p>\n<p>To\u00a0realize\u00a0this shift from taxation to production, the NPP has targeted the removal\u00a0or slashing of some taxes.<\/p>\n<p>Dr.\u00a0Amoako-Tuffour in the letter suggested that, the sound management of the economy could be achieved by accelerating economic growth, increasing revenue\u00a0mobilization\u00a0and prudent spending.<\/p>\n<p>Acknowledging that the point of increasing revenue mobilization was somewhat at odds with the NPP\u2019s manifesto promise, he instead noted that \u201cpolicy consistency, sequencing and a fine balance between equity and efficiency matter when it comes to sharing the tax burden to finance public enterprise.\u201d<\/p>\n<p><strong>Improving machinery for tax collection<\/strong><\/p>\n<p>Dr.\u00a0Amoako-Tuffour also stressed the need to improve the machinery of tax collections along with the need \u201cto close the revenue escape hatches.\u201d<\/p>\n<p>\u201cNext to customs duties, the management of direct taxes (profit and income taxes) is one of the weakest arms of the domestic tax system and it remains a major source of revenue leaks,\u201d the economist noted.<\/p>\n<p>He lamented the \u201cslow motion\u201d progress in domestic revenue\u00a0mobilization\u00a0over the past decade, noting that the focus of\u00a0collection has not shifted from reforming legislation to implementing laws efficiently.<\/p>\n<figure id=\"attachment_283886\" aria-describedby=\"caption-attachment-283886\" style=\"width: 801px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/citifmonline.com\/wp-content\/uploads\/2017\/01\/OFORI-ATTA-KEN.jpg\"><img loading=\"lazy\" class=\" wp-image-283886\" src=\"http:\/\/citifmonline.com\/wp-content\/uploads\/2017\/01\/OFORI-ATTA-KEN.jpg\" alt=\"Ken Ofori-Atta is the Finance Minister nominee\" width=\"801\" height=\"537\" \/><\/a><figcaption id=\"caption-attachment-283886\" class=\"wp-caption-text\">Ken Ofori-Atta is the Finance Minister nominee<\/figcaption><\/figure>\n<p>He also noted that personnel in charge of taxation are partly to blame for the low taxes due corruption.<\/p>\n<p>\u201cThose who must collect the taxes and enforce compliance are not without blame. The corrupt and embezzlers of revenue collected have been winning. Strung out behind them\u00a0is\u00a0ineffective accountability and partisan political interventions in the implementation of the tax system,\u201d he said.<\/p>\n<p>\u201cYour commitment to action to tackle institutional habits, leakages and escape hatches offers the best opportunity in the short run to\u00a0realize\u00a0more non-inflationary revenues,\u201d Dr.\u00a0Amoako-Tuffour said to the nominated Finance Minister.<\/p>\n<p>&#8211;<\/p>\n<p>By: Delali Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Director of Research at the African Center for Economic Transformation (ACET), Dr.\u00a0Joe Amoako-Tuffour, has cautioned the New Patriotic Party (NPP), government against \u201churried\u201d tax cuts, given the nature of its campaign promises en route to election victory. Whilst Dr. Amoako-Tuffour considers some tax cuts may be obvious given their burden, he noted in an [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,11],"tags":[2858,525,3,56,2860],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hurried tax cuts won&#039;t boost growth, productivity - Amoako-Tuffour - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2017\/01\/hurried-tax-cuts-wont-boost-growth-productivity-amoako-tuffour\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hurried tax cuts won&#039;t boost growth, productivity - Amoako-Tuffour - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"The Director of Research at the African Center for Economic Transformation (ACET), Dr.\u00a0Joe Amoako-Tuffour, has cautioned the New Patriotic Party (NPP), government against \u201churried\u201d tax cuts, given the nature of its campaign promises en route to election victory. 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