Graphic Business, a reputable online news website, has thrown its weight behind Vice-President Dr. Mahamudu Bawumia’s proposed tax overhaul, citing it as a necessary step towards simplifying the tax system and fostering economic growth.
Dr. Bawumia’s proposal includes a tax amnesty for businesses and the introduction of a flat rate duty in local currency, aiming to streamline tax calculations and reduce harassment from tax officials.
Dr. Bawumia’s plan to reform the tax system comes at a critical time when businesses are grappling with complex tax regulations and facing challenges in meeting their tax obligations transparently. His idea to “cedilise” import duties is also seen as a positive move, addressing concerns about imports’ impact on inflationary pressures.
Many businesses, including Graphic Communications Group Ltd, support the shift towards paying import duties in local currency, citing the irrationality of charging for government services in foreign currency. However, questions remain about bridging the revenue gap with the tax amnesty policy and the impact on the economy’s production-driven focus.
Graphic Business firmly supports Dr. Bawumia’s visionary tax overhaul proposal. This initiative, which includes a tax amnesty for businesses and the introduction of a flat rate duty in local currency, signifies a significant step towards simplifying the tax system and fostering economic growth. While there may be questions regarding revenue bridging and import substitution, the overall impact of this proposal aligns with Ghana’s path towards becoming a production-driven economy. With thoughtful consideration of the human element in implementation, this tax reform has the potential to bring about positive change and ensure a fair balance in tax compliance and enforcement. Ghana stands to benefit greatly from this forward-thinking approach, making Dr. Bawumia’s tax overhaul proposal a crucial and timely endeavor for the nation’s economic progress.
