Vice President Dr Mahamudu Bawumia, who is the standard-bearer of the New Patriotic Party, has reiterated that during his 2025 presidential term, businesses and individuals will have a clean slate to pay taxes to introduce a new tax regime.
In his first address to the nation as flag bearer of the NPP, Dr Bawumia announced that the government would introduce a new friendly tax system aimed at boosting business and strengthening the competitiveness of the private sector.
Speaking at a stakeholder exchange meeting with members of the Ghana National Chamber of Commerce and Industry in Accra, Dr. Bawumia announced that if he becomes president in 2025, he will seek new initiatives to support his vision of promoting the private sector. He emphasized the need for a tax system.
“Our tax system has not changed since independence, but it has to change because it is not serving us,” he said.
“We are going to introduce a new tax system, it will be a flat tax system to ensure competitiveness and business friendliness. There will be a pardon.”
“For us, it will be a fresh start with a clean slate for everyone,” the vice president said amid cheers from the business community.
As part of Dr Bawumia’s new tax plan, he said there will be no human interface in tax audits starting in 2025, after he takes office.
“We plan to conduct faceless tax audits to prevent harassment and corruption of companies.In addition, companies should not be audited more than once every five years unless there is a good reason.This is also the case in other countries. That’s what we’re doing,” he added.
“My vision is to make Ghana one of the most tax competitive countries in the world. I went to Estonia, one of the strongest countries, and I believe it is possible to achieve that and even more in Ghana.
The NPP standard-bearer also reiterated his commitment to abolish several taxes as president, including the tax on electronic financial transactions.
“We want to promote a cashless system, so as we have said, we will abolish certain taxes, such as electronic taxation.”
To importers, Dr Bawumia also assured a commitment to introduce a flat rate tariff on the import of spare parts and to compare Ghana’s port charges with Togo’s to improve competitiveness.
“We can move further down the rankings to make Ghana the most competitive country,” he asserted.
While making several recommendations to Dr. Bawumia, the Chamber of Commerce and Industry praised Dr. Bawumia’s policies, particularly the new tax system of flat tax and tax cuts for businesses and individuals, and his push to make the private sector the driving force. The pledge was welcomed. State of Ghana’s economy.
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