granted the reliefs<\/strong><\/a>, enabling them to thrive and admit more students.<\/p>\nMaking the announcement in the 2018 budget, \u00a0read in Parliament on Wednesday, November 15, Finance Minister, Ken Ofori-Atta, revealed that the private institutions will no longer be required to pay corporate income tax.<\/p>\n
Speaking to Citi News<\/strong>, \u00a0Dr. Kwarteng said this move by government will go a long way to help private universities and benefit the country at large, describing it as a step in the right direction.<\/p>\n\u201cAt the end of the day, with the social entrepreneurship that we are doing in the private universities , educating Ghanaians rebounds to the benefit of the larger Ghanaian society. So if the government deems it fit not to take the 25% back, let us retain it and use it in what we are doing to complement public sector tertiary education, it’s a good first step,\u201d he added.<\/p>\n
Other reactions<\/strong><\/p>\nAccording to the Finance Minister, investing in the country\u2019s private educational institutions would significantly boost the reputation of the sector, potentially making the country an attractive destination for investors.<\/p>\n
\u201cThe education sector represents a high growth potential with multiplier effects on the economy as confirmed by a recent \u201cCountry Private Sector Diagnostic\u201d study by the World Bank Group. This is borne out by the rapid growth in privately-owned and managed universities as well as in the inward flow of students from the West Africa sub-region,\u201d he said.<\/p>\n
But the Director of the Centre for Budget Advocacy Ghana, Vitus Azeem, believes the Akufo-Addo administration\u2019s aim to make Ghana self-sufficient will be better served by increasing corporate tax significantly.<\/p>\n
Mr. Azeem urged the government to spread its tax net instead of exempting more people from paying income tax.<\/p>\n
\u201cOne example I have been very much against is private universities. Can you imagine somebody saying that corporate tax on private universities is a nuisance tax because they are contributing to the development of the country?\u201d<\/p>\n
\u201cThe driver who drives a government car takes a salary of less than GHc 100 and is taxed. A nurse and doctor who save lives are taxed. They are contributing to the development of a country. So if a private university is making profits, why should it be exempted them from tax,\u201d Mr. Azeem argued.<\/p>\n
–<\/p>\n
By: Hafiz Tijani & Ann-Shirley Ziwu\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The Registrar of the Garden City University College at Kenyasi in the Kwabre East District of the Ashanti Region, Dr. Kweku Owusu Kwarteng, has commended government for the decision to grant tax reliefs to privately-managed tertiary institutions. \u201cIt is something that is great for all private universities, great in the sense that it will give […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,11],"tags":[14671,3,11651],"yoast_head":"\n
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