The Income Tax Amendment Act, Excise Duty Amendment Act, and Growth and Sustainabil­ity Amendment Act are expected to generate approximately GH¢4 billion per year to supplement domestic revenue.

However, in separate interviews and statements issued by the var­ious unions and compiled by the Ghanaian Times, they said the laws would negatively affect Ghanaians.

The President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng expressed disappointment with the laws explaining that it would affect the rate of tax compliance by businesses.

He said Ghanaian businesses were particularly not competitive in the West African Sub-Region due to the high taxes that they had to pay.

“Businesses are not competitive in the sub region and that is why some of us have to go and buy goods from Togo, so additional taxes will really affect our trade. It is going to make us pay a multi­plicity of taxes and that is why we called it an obnoxious tax system”, he said.

High commercial lending rates, according to Mr Obeng was anoth­er big disincentive for businesses in the country.

“Commercial lending rate is at 40 percent, and how do you want businesses to pay this and still have money to pay all these taxes? This approval is going to impede our growth”, he said.

Dr. Obeng also tasked the gov­ernment to look at other sectors to raise revenue other than overly burdening local businesses with taxes.

According to the Trades Union Congress’s (TUC), Deputy Secre­tary-General, Joshua Ansah, the passage of the three new reve­nue taxes would make life more difficult for Ghanaians, as many of the new taxes would be passed on to consumers and lead to massive job cuts.

Similarly, the spokesperson for the Food and Beverages Associ­ation of Ghana (FABAG), John Awuni, said it was disappointing that Ghana’s lawmakers disregard­ed the cry and agitations of the people and approved the bills.

He also expressed worry that the Association’s petition against the passage of the bills was ignored.

The Association of Ghana Industries (AGI), in a statement signed by its Chief Executive Offi­cer, Seth Twum Akwaboah said, the passage of the bills was detrimental to the economic growth of the country because they “pose very dire consequences for Industry.”

“We denounce the lack of stakeholder consultation on such fiscal policies, which have negative impact on businesses. AGI took steps to make input to the bills, and it is obvious that our submissions did not receive the consideration we expected,” the statement said.

It also mentioned some hurdles including inflation, VAT, increased utility and tariffs among others, already confronting the business community which the government and Parliament disregarded to have the three bills passed.

AGI also warned that the new taxes would force industry to cut down expenditure and production volumes which will eventually af­fect the revenue the government is seeking to rake with the passage of the bills and called for engagements with the various stakeholders to forestall future consequences.

Chief Executive officer of the Ghana National Chamber of Commerce and Industry, Mark Badu-Aboagye, reacting to the development claimed that the government in trying to resolve its revenue problems had created another problem which could have dire effects on the economy.

He noted that it was insufficient to justify why the new taxes had to be imposed on businesses.