15 Taxes Abolished In Our First Term – Bawumia
Vice President, Dr. Mahamudu Bawumia has stated that the New Patriotic Party (NPP) under the leadership of Nana Akufo-Addo has abolished fifteen taxes within its first term in office.
According to him, the taxes were abolished despite revenue challenges the NPP inherited from the erstwhile Mahama government.
He said this was done to reduce the burden on businesses and individuals.
Speaking during a Nation Building Updates on the future of Ghana’s economy, Mr. Bawumia stated that this feat is one for the history books as it has never happened in Ghana.
“We have abolished or reduced over 15 taxes and levies to reduce the burden of taxes on businesses and individuals and this is unprecedented in the history of economic management in Ghana. It has never happened in the history of Ghana,” he stated.
The 15 taxes reduced include the 17.5% VAT/NHIL on real estates, 17.5% VAT/NHIL on selected imported medicines that are not produced locally, the 17.5% VAT/NHIL on financial services, import duty on the importation of spare parts, the 1% special import levy, the 17.5% VAT on domestic airline tickets, levies imposed on kayayei by local authorities, import duty for all goods excluding vehicles 50% and vehicles by 30%, and excise duty on petroleum.
Dr. Bawumia also said: “We have also reduced electricity tariffs for residential, business and industrial consumers and again no government in the history of Ghana has reduced electricity tariffs in cumulative terms during its term in office except the government of Akufo-Addo in our first term.”