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Saturday, June 15, 2024

Bawumia promises tax amnesty for Ghanaian businesses in 2025 –

Ghanaian businesses will receive tax amnesty in 2025 for their operations. This move is part of the country’s transition to a flat rate tax system, where every Ghanaian will have to pay a single rate on taxable goods and services.

Flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, announced this, saying he would also introduce an alignment of import duties when elected as President in the December general elections.

Addressing members of the Ashanti Regional House of Chiefs as part of his three-day campaign tour of the region, he said this would help importers and businesses predict the taxes they would have to pay.

Dr. Bawumia pointed out that unpredictability was one thing disturbing importers and the business community.

“This lack of predictability is disturbing to importers. Predictability in import duties will help importers have a fair idea of how much to pay and at a flat rate in Ghana Cedis,” he said.

“The quantity of each good being imported must have a flat rate. Since there is no predictability, prices of goods and services are being increased without notice and benchmarks, and this brings about inflationary biases,” Bawumia told the chiefs.

On credit systems, he mentioned that Ghana had generated a database to help implement credit scoring, adding that the country would start credit scoring before December 2024.

Dr. Bawumia, touching on digital skills, pledged to train one million youth in digital skills to maximize job opportunities across the nation.

“Even people who are school dropouts will be trained in digital skills for a better Ghana.”

The Vice President indicated that since he had worked tirelessly and performed well under the government of President Akufo-Addo, if voted as the next President, he would continue to fight corrupt practices and remain accountable to Ghanaians.

He said the government was in the process of empowering chiefs to be actively involved in the governance system.

To this end, he noted, the government would need to amend the Chieftaincy Act, give more powers to chiefs, and resource them financially to discharge their duties.

Daasebre Osei Bonsu, Asante Mamponghene, thanked the Vice President for the visit and said the chiefs would always support the government to implement various initiatives that would help improve the living conditions of the people.

Source: gbcghanaonline.com

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