23/10/2023
Ghana Co-operative Credit Unions Association pushes for tax exemptions
The Ghana Co-operative Credit Unions Association Limited is appealing to government to seriously consider exempting its members from paying taxes.
The call, according to the Board Chairman of the association, Dr. Bernard Bingab, is aimed at supporting and protecting investments.
Justifying how other African countries have given tax reliefs for co-operatives, Dr.Bingab described the approach with which the Ghana Revenue Authority has been clamping down on its members as unwarranted.
He was speaking at the 55th anniversary of the Ghana Co-operative Credit Unions Association at Koforidua in the Eastern region.
" One of my biggest appeal to our government is tax exemptions for co-operatives. Almost all African countries exempt co-operatives from tax. In recent years Ghana Revenue Authority have clamped down on credit unions asking some to pay as high as one million cedis. Mr. Minister this is totally unwanted"
" This is a group that is there to help the country. Monies that we take as credit unions gets back to the poll so we have difficulty in why other African countries are exempted or tax exempted and yet the credit unions are being asked to pay tax". He stated
The anniversary also coincided with the celebration of this year's International Credit Union day.
The board chairman also called on government to strengthen its rules that governs the cyber security space to protect credit unions from cyber crimes whiles expanding opportunities in the technological space.
" As we navigate the future of credit unions, it is important to acknowledge that just as with any evolving industry, there are both threats and opportunities. The threat of cyber crimes is significant to us. We have recently engaged the Cyber Security Authority to see how they can help us. As credit union we see the way to go is technology but there's a threat of cyber security". He noted
