The NPP once elected will immediately review the various taxes that have burdened Ghanaians and the private sector and specifically review the Income Tax Act 2015 to abolish the taxes on pensions and allowances, Vice-Presidential Candidate, Dr. Mahamudu Bawumia has revealed.
He noted that the NPP under Nana Akufo-Addo has a significantly different vision which does not focus on taxation but on productivity, jobs and the welfare of the Ghanaian people.
Dr. Bawumia made these comments to students and lecturers of the E.P. College of Education, Amedzofe in the Volta region on Wednesday.
“An NPP government will build the most business friendly and most people friendly economy in Africa. This means that job creation will be at the heart of economic policy. A lot of the other taxes we are seeing today will be scrapped. We will reduce the tax burden on our people and businesses so that they can employ more people and introduce a Tax Credit scheme for Companies that employ fresh graduates so that we will increase the employment of freshgraduates”, he said.
Dr. Bawumia explained that pensioners are one of the most vulnerable persons in society and that in the view of the NPP gains made on investments in Pensions are part of pensions and should be protected as it will not only make pensioners more comfortable but will also ensure that individuals have a bigger capacity to invest in businesses or simply increase savings and therefore, access to credit.
The former Deputy Governor of the Bank of Ghana once again stated that for the NPP, the ideal way to increasing tax revenue is by formalizing the economy through the issuance of National IDs and a properly functioning Property Address system, which will expand the tax net and by growing the economy through a focus on jobs and productivity.
