The Vice President and the 2024 flagbearer of the governing New Patriotic Party Dr. Mahamudu Bawumia has made a declaration of implementing tax amnesty for both individuals and businesses when given the nod to lead the country as President come 2025.
The Vice President in an engagement with the Ghana National Chamber of Commerce and Industry indicates the prevailing tax regime is structureless and lacks innovation which makes it burdensome for individuals and businesses to comply with.
According to him, there are many loop holes in the tax system that ought to be sealed hence the need for amnesty for all to start on a clean slate.
“In 2025, we are going to grant tax amnesty to all businesses and individuals and start afresh. We are going to start a new system – a flat tax system; we we going to wipe the slate clean for every individual and every business and Ghana is going to start a new tax system – a flat tax system as we have in Estonia ” he proclaimed.
To eliminate intimidation and corruption he said, “In addition, we going to do a faceless audits. Officials should not come to businesses to do audits. With the digital framework, we should have the information and audit fearlessly “.
Dr. Bawumia asserts that the current NPP government which he is part of has prioritised social inventions which is laudable but when he clinges the reigns as President there will be more focus on private sector led economy which is the engine of growth for any country.
He observed that Ghana is uncompetitive in the West African Sub-region due its punitive tax which to a large extent serve as disincentive to the investor community. He bemoaned the country is losing out on vessels traffic to Togo as a result of exorbitant port charges in Ghana. He shared in the concern raised by the Chamber in respect of utility tariffs at the industrial sector which is eating into operational cost and profits.
“Utilities are also an issue, so it is heart-warming listening to the President of Ghana National Chamber of Commerce and Industry making for us to consider in this manifesto that we putting together. It is heart-warming because these proposals align with my thinking. It means we’re coming on the same page on this issue. We need to be transformational and so we need to take decisions that will transform the country,” he noted.
The Chamber of Commerce and Industry also impressed upon the Vice President to turn his attention to mining sector as majority of its members are also reeling under the impact of the current tax regime.
Source: Kasapafmonline.com/Calvin