The Ghana Chamber of Mines has said it will petition government on moves to impose a new proposed tax on major industries in some key sectors of the economy.
Parliament is to debate a new proposal to amend the National Health Insurance Bill to slap a 0.5 percent profit before tax on some key industries including mining, telecommunication, banking, hospitality as well as alcohol and tobacco producing companies.
If passed over 180 million cedis could be raised annually to fund the National Health Insurance Scheme (NHIS).
But a Director at the Ghana Chamber of Mines, Suleman Koni told Citi Business News, an additional tax will only hurt the industry.
He said: ?Naturally we will petition government for it to see reasoning because this pile of taxes and the uncertainties regarding taxation, fiscal regime in the mining industry creates to much uncertainty in the sector and makes it too risk prone. I think as a country we really need to step back and consider this in a holistic manner because we just increased taxes in the sector and now without any discussion you want to impose a levy of an additional 0.5 percent on an industry it does not speak well of the industry at all.?
The mining sector this year has been slapped with a number of taxes and faces additional taxes in the coming months.
Suleman Koni mentioned that the continuous taxation of the sector will make it unattractive to investors saying, ?We are not happy with these taxes at all the sector is already overburdened with too many taxes and I don?t see why there should be additional ones.?