My 2025 tax amnesty plan will boost economic recovery — Bawumia

Politics Bawumia

Dr. Mahamudu Bawumia, the presidential candidate for the New Patriotic Party (NPP) and Vice President, has revealed a bold pledge to introduce a comprehensive tax amnesty policy for individuals and businesses under his presidency in 2025.

This initiative aims to pave the way for the country's transition to a flat rate tax system, where every Ghanaian would be subject to a single rate on taxable goods and services.

During his three-day campaign tour of the Ashanti Region, Dr. Bawumia addressed members of the Ashanti Regional House of Chiefs, highlighting the importance of this tax reform in providing clarity and predictability for importers and businesses.

By simplifying the tax structure, the proposed policy seeks to empower businesses to better anticipate their tax responsibilities, thereby fostering a more conducive environment for economic growth and investment.

Dr. Bawumia stressed the necessity of embracing a fresh approach to taxation that aligns with his broader economic vision. He emphasized the importance of innovative measures that not only streamline the tax regime but also stimulate economic activity and bolster the government's development agenda.

"There is one thing that is disturbing importers, there is no predictability. The predictability of import duties will help importers to have a fair idea of how much to pay and on a flat rate in Ghana Cedis. The quantity of each good being imported must have a flat rate since there is no predictability. Prices of goods and services are being increased without notices and benchmarks, and this brings about inflationary biases," Dr. Bawumia conveyed to the traditional rulers.

Daniel Owusu
Daniel Owusu

News ReporterPage: DanielOwusu

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Started: 02-07-2024 | Ends: 31-10-2024