A successful entrepreneur continually searches for opportunities to create a new business or expand an existing one. These expansions are typically accompanied by a list of considerations, with tax being one of them. The tax aspect, however, can be quite a headache if the tax system itself is confusing or penalises expanding enterprises.
Dr. Bawumia’s Tax System, modelled after Estonia’s tax system—a flat rate system—has been recognised as the best-practised tax system in the world for the past ten years. This system is ideal for helping entrepreneurs and emerging businesses establish new industries and expand existing ones with ease.
His proposed tax system will simplify taxation, reducing confusion about the current progressive tax model, and lessen the burden of compliance. It will also improve transparency, helping to reduce corruption and encourag more people to file their taxes. Simplifying tax filing procedures will increase tax compliance and boost government revenue, which will be used to build the nation.
The new tax system, coupled with his proposed tax amnesty, will increase competitiveness among related industries, reduce the cost of doing business in Ghana, attract investment from foreign investors, encourage innovation, and help start-up companies thrive. This system will also increase our GDP, promote accountability, improve living conditions for Ghanaians, and promote good governance.
The New Patriotic Party has always and will always remain the party that brings major policies to bear and alleviates the plight of the masses. Former President J.A. Kufuor introduced the NHIS, which has improved access to healthcare for every Ghanaian, and President Nana Addo Dankwa Akufo-Addo introduced Free SHS for every school-age Ghanaian child. So no Ghanaian should doubt H.E. Dr. Mahamudu Bawumia’s ability to implement a seamless tax policy that will streamline administrative burdens on individuals and businesses. I call it Bawumia’s Tax System.
By Neil Owusu