Bussiness
SIM re-registration: Mobile Money Agents Association make fresh appeal
Mobile Money Agents Association has called on the government to involve them in the SIM re-registration process.
Speaking on The Probe on JoyNews, the Public Relations Officer for the Association, Charles Kwesi Addo, explained that involving them would help fast-track the registration process to help increase the number of registered SIM cards.
“It would be important for the government to put out steps so that mobile money agents across the country could be added to streamline the activity of SIM reregistration.
“The number (of registered SIM cards) is still not encouraging. They should up their game and bring in more channels to help with this exercise,” Mr Addo said.
This comes after the deadline for SIM re-registration was once again extended.
According to the Communications and Digitalisation Minister, the final deadline is September 30. This she says should give people adequate time to register all their SIMs.
Source: Myjoyonline.com
Bussiness
Facebook, Youtube, online trading companies must be taxed – Deputy Finance Minister
The Deputy Finance Minister Dr Alex Ampaabeng, has proposed that online trading companies should be taxed to bolster the economy.
He noted that these companies, both local and international, generate significant revenue from their Ghanaian clients, which underscores the necessity for taxation.
In an interview with Bernard Avle on Channel One TV’s The Point of View, Dr Ampaabeng pointed out various potential revenue sources for Ghana, including online businesses and content creation companies.
He questioned why other national companies operating in Ghana are taxed, but social media platforms like Youtube and Facebook, which run numerous advertisements, are not included in the Ghanaian tax system.
According to him, these social media companies earn profits from the advertisements they display, and online trading companies also generate income from the sale of their products and services.
He mentioned online trading companies such as Jiji, Jumia, and Tonaton, which he believes surpass all physical marketplaces in Ghana in size.
According to him, “I can’t think of a country which has not gotten a digital service tax system of some sort, so Ghana is long overdue. Just to make an example so that people will appreciate where I’m coming from. Go to Youtube and play a video, within one or two minutes, you are going to watch about two, or three adverts.”
“What it tells you is that Facebook or Youtube is making profits right here in Ghana. Go to your Facebook account, and you are going to see a number of adverts on your right, left. What it is telling you is that Facebook is making profits right here in Ghana and not being taxed. Meanwhile, there are companies operating in Ghana, for jurisdiction reasons, of course, that are being taxed,” he said.
The Deputy Minister added that “So then, it comes to the question of the application of our tax laws. Revenues generated in Ghana are subject to taxes. We have Facebook, TikTok and all those players, these are digital platform owners.”
He stressed, “Then we have the digital or market players, here we are talking about individuals who are using the digital platforms. We have Jiji, Jumia, Tonaton, these combined, are bigger than all physical marketplaces in Ghana. And it tells you the volume of transactions, that are going on there.”
He expressed his hope that individuals earning online profits from Ghanaian residents would be taxed.
“There are conversations ongoing, I wouldn’t want to pre-empt anything, maybe in the future, it might not be anytime soon, what I would like to see, is a Ghana where people who are earning all forms of profits in the country are subject to taxes. People who are trading online to Ghanaian residents, people who are generating revenue from Ghana are allowed to pay taxes,” he noted.
Additionally, he proposed a collaboration with the government to curb cybercrime by registering and verifying these online trading companies.
“We can have a system where the government engages these operators, so individuals will submit their Ghana Card and are registered and verified,”he concluded.
Source: Citinewsroom.com
Bussiness
March inflation surges to 25.8% from 23.2% recorded in February
There has been a surge in Inflation from 23.2 in February to 25.8 in March.
This indicates a 2.6 percentage point surge.
This information was revealed by the Government Statistician Professor Samuel Kobina Annim on Wednesday, April 10.
It further revealed that the food inflation rate also shot up, moving from 27.0 per cent in February to 29.6 percent in March.
Meanwhile, non-food inflation for March was reported at 22.6 percent.
According to the Government Statistician, “In the month of March 2024, rate of inflation stood at 25.8 percent year-on-year inflation relative to 23.2 percent recorded for the month of February 2024. This indicates that we have seen a surge in the rate of inflation by 2.6 percent increasing from 23.2 percent to 25.8 percent for the month of March 2024.”
“Disaggregating this for the food and non-food perspective, the rate of inflation for food was 29.6 percent relative to non-food 22.6 percent. Both food and non-food inflation have seen a 2.6 percent increase in its rate of inflation between February and March 2024,” he added.
Meanwhile, there was a decline in inflation in February with the figure standing at 23.2 percent.
This represented a 0.3 percentage point decrease from the 23.5 percent recorded in January.
“Disaggregating this for the food and non-food perspective, the rate of inflation for food was 29.6 percent relative to non-food 22.6 percent. Both food and non-food inflation have seen a 2.6 percent increase in its rate of inflation between February and March 2024,” he stated.
By Edem Mensah-Tsotorme
