The Chairman of Groupe Chrematin, the parent company of Comet Properties Limited, an estate firm, Nana Odeneho Kweku Kyeremanteng, has called on government to ensure the enforcement of real estate tax laws in the country.
This, according to him, would prevent institutions and individuals from flouting such laws, and increase revenue generation to accelerate the development of the country.
Nana Kyeremanteng, in an interview with the Ghanaian Times, in Accra yesterday, urged the government to broaden the country’s tax net to generate more revenue.
He noted that, “individuals and corporate entities are making huge sums of monies from the properties they sold without paying taxes on them”.
Nana Kyeremanteng suggested that property owners must be made to pay taxes on rents paid by tenants.
He said, “there are many areas we can focus on for taxes. If we want to grow steadily as a nation and be self-reliant, our leaders must sit up and think about more ways to raise funds internally for development”.
Nana Kyeremanteng cautioned that, “relying on the World Bank and other global financial institutions all the time to borrow money is not the best,” adding that it made it more difficult for Ghana to achieve its aim of becoming self-reliant.
“Ghana beyond aid is possible, but we cannot achieve it easily without discipline when it comes to managing the finances of the country. Borrowing is not the solution to Ghana’s problem,” he noted.
Commenting on government’s plan to upgrade the Dome road, through to Brekusu-Kitase in the Eastern Region into a dual carriage, Nana Kyeremanteng said the move would bring a big relief to residents and businesses on that stretch and attract investments.
“In as much as I thank the President for the commitment of $38million for such development in the area, it behooves on the people to pay property tax to enable government generate more revenue to undertake similar projects across the country. Together we can contribute towards developing Ghana,” he added.