The Ghanaian economy's primary source of revenue is taxation. Taxation is defined as the collection of mandatory contributions by public authorities with tax jurisdiction in order to cover the costs of their operations. The researcher wants to see how effective it is in terms of the country's economic development. He also examines Ghana's tax collection system. According to the study, Ghana's tax income to Gross Domestic Product (GDP) ratio was 14.56 percent from 1990 to 2016. This is deemed insufficient to make a significant contribution to the country's fortunes. The informal sector, which accounts for 70% of the country's output, is home to the majority of tax evaders. Despite its enormous size, the informal sector only contributes 16.7% of total tax revenue. The researcher also compares Ghana's direct and indirect taxes, as well as their apparent impact on people's socioeconomic lives. The analysis shows that the government is overly reliant on indirect taxes, to the cost of the underprivileged in society, thereby undermining the taxation canon of equality.
Author (S) Details
Dickson Akoto
Radford University College, Accra, Ghana, P.O.Box AF 419, Adenta, Accra, Ghana.
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