Dr. Mahamudu Bawumia, the presidential candidate of the New Patriotic Party (NPP), has offered a further explanation regarding his plan to offer tax amnesty to businesses and implement a fixed duty rate in cedis should he win the presidency.
Dr. Bawumia stressed the importance of his progressive strategies for the nation, which include revitalizing the existing tax structures and changing the method of imposing import duties from US Dollars.
In a gathering with a collective of female importers in Accra, Dr. Bawumia reaffirmed his dedication to executing these policies and provided valuable information about their implementation. Expanding on this, Dr. Bawumia emphasized the intricate nature of the current tax system, which he characterized as perplexing and onerous for businesses to accurately ascertain their tax responsibilities.
The current tax system is confusing, and traders struggle to calculate their payments. Additionally, many traders face harassment from tax officials, which should not be happening. Those already paying taxes should not be subjected to regular harassment. I am proposing a new, simplified, and transparent tax system.
If elected President, I will introduce this new regime in 2025, starting with granting tax amnesty to businesses to provide a fresh start and support for businesses.
Dr. Bawumia also discussed the matter of import duties being levied in US Dollars, which has resulted in difficulties arising from fluctuations in exchange rates and higher duties in comparison to neighboring countries such as Togo.
To address this, I will introduce a flat duty rate on containers, charged in cedis, ensuring predictability and reducing import duties significantly to match or be lower than Togo’s rates.
He provided reassurance to the traders that he thoroughly evaluated his suggestions to minimize any adverse effects on businesses and improve revenue collection. He conveyed his belief that these measures would be advantageous for importers, traders, and the country as a whole, while urging backing for his presidential candidacy to successfully implement these modifications.
