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Domestic Debt Exchange: Introduce ‘Special Tax’ for extractive companies, ‘Super Profit Tax’ for banks, telcos – IEA

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The Institute of Economic Affairs (IEA) is calling for a ‘Special Tax’ for extractive companies and ‘Super Profit Tax’ for telcos and banks in the wake of the Domestic Debt Exchange programme.

This, it believes will increase revenue domestically for economic growth.

According to the Director of Research, Dr. John Kwakye, the government is burdening individuals with taxes, hence the need to look for other alternatives.

“We don’t tax companies enough that works in the area that is booming. As a developing economy that’s where we should be taxing and not chasing individuals and poor people for their monies”, he lamented.

Dr. Kwakye however, said government should close tax loopholes, especially regarding import taxes and property taxes by enforcing legislative policies.

On the burden sharing for the domestic debt exchange programme, he called on the government to renegotiate and scale bacpaymentsnt to Independent Power Producers.

“We need to make sure we close various loopholes in relation to taxes. Government should renegotiate and scale back payment to independent power producers in the spirit of burden sharing”, he added.

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