The Vice President Dr M. Bawumia explains how the government is going to convert National Identification Numbers to Tax Identification Numbers for Population increase in tax paying.
The idea behind this whole thing is to increase the tax payers from 2 Million to 16 Million registered tax payers before the year ends.
“Currently, less than 2 million people are registered to pay taxes but by the end of this year, we will start converting all the National Identification Numbers into Tax Identification Numbers which means we will increase the number of people registered for taxes and beef up from about 2 million to close to 16 million in one year”
“Indeed, lending rates are often high partly because of the high information problems in establishing identity and verifying income sources and ownership problems. These have to change if we’re aspiring to be a middle-income country,” he said.
“We have embarked on leveraging on technology to overcome many of our developmental problems and to formalize this informal economy, this is what digitization is going to allow us to do in bringing people into the tax net,” he further added.
The Vice President elaborated at the launch of Absa Bank Limited, Ghana on Monday, 10 February 2020 in Accra.
Dr. Bawumia added that, they are going to launch a new portal for the delivery of all government service digitally under the Ministry of Finance.