The 2024 presidential candidates of the New Patriotic Party (NPP) and the National Democratic Congress (NDC) have both expressed their agreement on the necessity of implementing a more simplified tax system to facilitate easier calculation and compliance.
They shared their stance on tax reforms during their speeches at the 8th CEO summit, emphasizing the importance of reducing the burden on businesses.
Dr. Bawumia highlighted the fact that many Ghanaian businesses struggle to understand the intricacies of tax calculations and payments to the Ghana Revenue Authority, resulting in frequent disputes between tax authorities and business owners.
I believe Ghana would benefit from a flat tax system as it makes it very easy, makes it very transparent and easy to comply and understand.
we start afresh on a clean slate.
I also want to realign our import duty regime towards flat taxes in cedis on import duty so that there is predictability on our import duties. And I also want to realign our Ghana import regime to what persist with our nearest competitor, thus the port of Lome.
Mr. Mahama underscored the importance of establishing an ideal threshold for levying taxes in order to prevent excessive strain on law-abiding individuals and enterprises, and to guarantee complete adherence to tax responsibilities towards the government.
He made a commitment that if elected as president, he would enhance the simplicity of the Value Added Tax (VAT) and optimize its collection through the utilization of Point of Sale (POS) devices, aiming to foster transparency.
We will abolish the e-levy and some taxes that have become a burden on businesses and households. And we will not burden you with endless tax audits and harass you with the Economic and Organised Crime Office.
