In a move aimed at revitalizing Ghana’s economy and creating millions of jobs, Dr. Mahamudu Bawumia, the New Patriotic Party (NPP) flagbearer, has announced a revolutionary tax amnesty program.
Dubbed “Tax Amnesty Stimulus,” the plan promises to forgive prior years’ unpaid taxes, penalties, and interests for individuals and businesses.
This bold initiative is expected to stimulate economic growth, encourage business expansion, and increase household income.
Details of the Tax Amnesty Program
According to Dr. Bawumia, the program consists of two key components:
1. *Full Tax Forgiveness*: Eradicates prior years’ unpaid taxes, providing a clean slate for individuals and businesses.
2. *Penalty and Interest Waiver: Eliminates penalties and interest on prior years’ unpaid taxes, freeing entities from financial burdens.
A Multi-Pronged Approach
Dr. Bawumia explained that the tax amnesty program is designed to achieve two primary objectives:
1. *Empower Businesses*: Encourage expansion, investment, and job creation.
2. *Boost Household Income: Increase disposable income, stimulating demand for goods and services.
-BY Daniel Bampoe