Re-engineer tax system to save businesses from collapsing – FABAG to govt

The President of the Foods and Beverages Association of Ghana (FABAG), John Awuni, has raised concerns over the migration of multinational companies to neighbouring countries.

Numerous multinational companies have relocated from Ghana to other countries, attributing their moves to high taxes and operational costs.

Companies that have left Ghana include Glovo, Dark and Lovely, Nivea, Jumia Foods, Bet 365, Bic Pens and others.

He underscored the difficulties businesses face due to high taxes, stressing that the current tax system could impede the private sector’s progress.

The FABAG President lamented the economy’s lack of growth if taxes are not minimized, noting that the private sector is unable to create jobs due to unprofitability.

“More companies have left the country than has been announced?

He described as “unacceptable” the practice of forcing companies to pay taxes on their losses.