Flagbearer of the New Patriotic Party, Dr Mahamudu Bawumia says his government will introduce a citizen and business-friendly flat tax regime should he be elected President in the December 7 Presidential election.
Unveiling his vision for Ghana after he was elected the Presidential candidate of the NPP at the University of Professional Studies, Accra, on Wednesday, Dr Bawumia disclosed that his government would impose a flat tax on individuals and Small and Medium Enterprises (SMEs), which make up 98% of all enterprises in Ghana, equal to a percentage of their revenue, with suitable exemption ceilings established to safeguard the underprivileged.
“With the new tax regime, the tax return should be able to be completed in minutes! We will also simplify our complicated corporate tax system and VAT regime,” he added.
Dr Bawumia further stated that his government would also scrap the controversial tax on electronic financial transactions, popularly known as e-levy if he’s elected President.
“To move towards a cashless economy, however, we have to encourage the population to use electronic channels of payment. To accomplish this, there will be no taxes on digital payments under my administration. The e-levy will, therefore, be abolished,” he announced.