{"id":245164,"date":"2024-11-04T11:05:19","date_gmt":"2024-11-04T11:05:19","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/04\/election-2024-ill-simplify-our-complicated-corporate-tax-system\/"},"modified":"2024-11-04T11:05:19","modified_gmt":"2024-11-04T11:05:19","slug":"election-2024-ill-simplify-our-complicated-corporate-tax-system","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/04\/election-2024-ill-simplify-our-complicated-corporate-tax-system\/","title":{"rendered":"Election 2024: I’ll simplify our complicated corporate tax system"},"content":{"rendered":"

<\/p>\n

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Dr. Mahamudu Bawumia, the New Patriotic Party\u2019s (NPP) presidential candidate, has reaffirmed his commitment to implementing a flat tax rate system if elected in the December 7 presidential election.<\/p>\n

Speaking at a youth forum in Accra, Bawumia laid out his vision for a simplified tax structure aimed at reducing business burdens and easing tax compliance for Ghanaians across all income brackets.<\/p>\n

He described the flat tax rate as a system that would deliver significant relief to individuals and businesses alike, while still enabling the government to secure essential revenue for critical national projects.<\/p>\n

Bawumia highlighted his administration\u2019s focus on fostering a business-friendly climate in Ghana, one that supports economic growth, attracts foreign investment, and removes barriers to business formalisation.<\/p>\n

He argued that a straightforward tax structure would enhance revenue collection by reducing incentives for tax evasion and avoidance.<\/p>\n

This, he suggested, would not only simplify the process for taxpayers but also strengthen the nation\u2019s financial base, creating a more sustainable path for Ghana\u2019s economic development.<\/p>\n

\u201cHaving looked at all the different systems, I believe that a flat tax system is very, very good for Ghana. And so my government will implement a very simple citizen and business-friendly flat tax system.<\/p>\n

\u201cA flat tax of a percentage of income for individuals and businesses with appropriate exemption threshold set to protect the poor. With the new tax regime, your tax return will be very easy to complete. We will also simplify our complicated corporate tax system and the VAT regime.\u201d<\/p>\n

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Dr. Mahamudu Bawumia, the New Patriotic Party\u2019s (NPP) presidential candidate, has reaffirmed his commitment to implementing a flat tax rate system if elected in the December 7 presidential election. 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