Dr Mahamudu Bawumia, the Vice President and presidential candidate of the New Patriotic Party (NPP), has announced a bold commitment to implement a comprehensive tax amnesty policy for individuals and businesses during his presidency in 2025.
The main objective of this initiative is to facilitate the transition to a flat-rate tax system in Ghana, where every citizen will be subject to a single tax rate on taxable goods and services.
During his three-day campaign tour of the Ashanti Region, Dr. Bawumia addressed members of the Ashanti Regional House of Chiefs and highlighted the importance of this tax reform.
He emphasized that it would bring clarity and predictability for importers and businesses, enabling them to better plan and forecast their tax obligations. The proposed policy aims to streamline the tax structure, creating a more favorable environment for economic growth and investment.
By simplifying the tax system, businesses will have a clearer understanding of their tax responsibilities, which will ultimately contribute to a more conducive business climate.
Dr Bawumia stressed the significance of adopting a fresh approach to taxation that aligns with his broader economic vision. He emphasized 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.
