There’ll be comprehensive tax amnesty, flat rate system in 2025 if I become president – Bawumia promises

  Tue, 11 Jun 2024
Headlines Therell be comprehensive tax amnesty, flat rate system in 2025 if I become president  Bawumia promises

Vice-President and presidential candidate of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has announced plans to introduce a comprehensive tax amnesty policy for individuals and businesses if he becomes President after the December 7 polls.

This initiative is aimed at /transitioning the country to a flat rate tax system, where all Ghanaians would be subject to a single tax rate on taxable goods and services.

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

He stated that by simplifying the tax structure, the proposed policy would allow businesses to better forecast their tax obligations, creating a more conducive environment for economic growth and investment.

“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,” Dr. Bawumia told the traditional rulers.

He continued that: “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 underscored the necessity of adopting innovative measures that not only simplify the tax regime but also stimulate economic activity and support the government's development agenda.

He stressed the importance of a fresh approach to taxation that aligns with his broader economic vision.