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06.04.2005 Business & Finance

Take advantage of tax concessions - Consultant

By GNA

Accra, April 6, GNA - A tax consultant has asked Business Executives to take advantage of the generous tax incentives provided in this year's budget to expand their operations.

Mr David Adom, a Consultant with AA&K Consulting, said a reduction in the corporate tax, the withholding tax and the National Reconstruction Levy, among other taxes, would free up resources for companies to undertake investments.

Besides the tax rebate would also improve the cash flow levels of the firms, he said, at the opening of a two-day seminar organized by the Association of Ghana Industries (AGI) on Managing Corporate Tax for Business Executives in the services, commercial and manufacturing sectors.

The workshop is aimed at equipping participants with practical tools for the management of corporate tax and issues in tax audits. Mr Adom said it was essential for companies to review their tax projections to enable them to identify areas in which they could direct surplus funds that would accrue following the reduction in the various taxes.

He advised the Executives to thoroughly make use of the budget statement in order to make informed decisions based on the various Government policies on their operations.

Mr Prince Kofi Kludjeson, President of AGI, said for the tax system to impact positively on development, industries must complement Government's efforts through effective management of tax affairs at the firm level.

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