Contact Us On 0506440219 WhatsApp Us On 0506440219
Sunday , 19 November 2017
Home » Latest News » Universities » Tax reliefs for Private Universities commendable – Registrar
Tax reliefs for Private Universities commendable – Registrar

Tax reliefs for Private Universities commendable – Registrar

The Registrar of the Garden City University College at Kenyasi in the Kwabre East District of the Ashanti Region, Dr. Kweku Owusu Kwarteng, has commended government for the decision to grant tax reliefs to privately-managed tertiary institutions.

“It is something that is great for all private universities, great in the sense that it will give us resources to infuse into our programmes and capital expenditure, ” he said.

The government announced that privately-owned universities will be granted the reliefs enabling them to thrive and admit more students.

Making the announcement in the 2018 budget,  read in Parliament on Wednesday, November 15, Finance Minister, Ken Ofori-Atta, revealed that the private institutions will no longer be required to pay corporate income tax.

Speaking to Citi News,  Dr. Kwarteng said this move by government will go a long way to help private universities and benefit the country at large, describing it as a step in the right direction.

“At the end of the day, with the social entrepreneurship that we are doing in the private universities , educating Ghanaians rebounds to the benefit of the larger Ghanaian society. So if the government deems it fit not to take the 25% back, let us retain it and use it in what we are doing to complement public sector tertiary education, it’s a good first step,” he added.

Other reactions

According to the Finance Minister, investing in the country’s private educational institutions would significantly boost the reputation of the sector, potentially making the country an attractive destination for investors.

“The education sector represents a high growth potential with multiplier effects on the economy as confirmed by a recent “Country Private Sector Diagnostic” study by the World Bank Group. This is borne out by the rapid growth in privately-owned and managed universities as well as in the inward flow of students from the West Africa sub-region,” he said.

But the Director of the Centre for Budget Advocacy Ghana, Vitus Azeem, believes the Akufo-Addo administration’s aim to make Ghana self-sufficient will be better served by increasing corporate tax significantly.

Mr. Azeem urged the government to spread its tax net instead of exempting more people from paying income tax.

“One example I have been very much against is private universities. Can you imagine somebody saying that corporate tax on private universities is a nuisance tax because they are contributing to the development of the country?”

“The driver who drives a government car takes a salary of less than GHc 100 and is taxed. A nurse and doctor who save lives are taxed. They are contributing to the development of a country. So if a private university is making profits, why should it be exempted them from tax,” Mr. Azeem argued.

About Ellis Ferdinand

Ellis Ferdinand is the Founder/Chief Executive Officer of EducationGhana Limited and the Managing Editor at EducationGhana.net . He is a passionate writer,a publicist and an online Marketer and Promoter. He is Ghana's number 1 Education Blogger who brings all happenings in the Ghanaian Education Sector ,from Basic to Tertiary, to the doorsteps of readers on EducationGhana.net He is also the Founder of Education Awards Ghana which will soon be launched in Ghana to help boosts the Education Sector. He is Passionate about Promoting Education in Ghana, Africa and the world at large. Ferdinand Completed Accra College of Education and was Awarded a Diploma In Basic Education by the University of Cape Coast and Currently reading Psychology and Foundation of Education with Management and Accounting Options at the University of Cape Coast in Ghana. Ferdinand is willing to work with any organization who believes in Promoting quality business as well as Education in Ghana and Africa. You can Contact him for Promotion of Events,Advertisements,Publications and any other business through Education Ghana.

Products

Ghana's #1 Education News and Resources Website

You are Welcome to EducationGhana Store. You can Shop for Any Educational Material Available at Our Shop or SELL YOUR MATERIALS In Our Shop By Contacting Our Marketing Department on 0506440219 Dismiss

Ghana's Premier Education News and Resource Blog
%d bloggers like this: