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Saturday, June 15, 2024

My 2025 tax amnesty plan to boost economic recovery –

Dr Mahamudu Bawumia, the governing New Patriotic Party’s (NPP) presidential candidate and Vice President, has unveiled a bold pledge to implement a comprehensive tax amnesty policy for individuals and businesses under his presidency in 2025. 

This initiative is intended to facilitate the country’s transition to a flat rate tax system, where every Ghanaian would be subject to a single rate on taxable goods and services.

Addressing members of the Ashanti Regional House of Chiefs, as part of his his three-day campaign tour of the Ashanti Region, Dr Bawumia emphasised the significance of this tax reform in providing clarity and predictability for importers and businesses. 

By streamlining the tax structure, the proposed policy aims to enable businesses to better forecast their tax obligations, thereby fostering a more conducive environment for economic growth and investment.

Dr Bawumia underscored the importance of adopting a fresh approach to taxation that aligns with his broader economic vision. 

He emphasised the need for innovative measures that not only simplify the tax regime but also stimulate economic activity and support the government’s development agenda.

“There is one thing that is disturbing importers, there is no predictability. The predictability of import duties will help importers to have a fair idea of how much to pay and on a flat rate in Ghana Cedis.”

“The quantity of each goods being imported must have a flat rate since there is no predictability. Prices of goods and services are being increased without notices and benchmarks, and this brings about inflationary biases,” Dr Bawumia told the traditional rulers.


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