Dr. Mahamudu Bawumia
The flagbearer of the New Patriotic Party (NPP), Vice President Dr. Mahamudu Bawumia, has announced that one of his proposed new policies to boost Ghana’s business environment is tax amnesty.
According to him, a tax amnesty will be implemented in 2025 for all individuals and businesses to eliminate tax liabilities up to a certain year, if he is elected President in the December polls.
At a meeting with a cross-section of market traders and importers in Accra to discuss issues affecting their businesses, Dr. Bawumia said the new policies will include a flat tax regime for all businesses and individuals to make the system more transparent and improve compliance, similar to what exists in Estonia.
Explaining further, the NPP flagbearer indicated that the tax amnesty in 2025 is meant to eliminate tax liabilities up to a certain year.
“A flat tax import duty system at the ports for containers of various goods in cedis to make import duties predictable for traders and avoid persistent increases in prices by traders in anticipation of higher import duties,” he added.
Dr. Bawumia said his administration will also benchmark import duties in Ghana to duties at the Lomé Port, ensuring that Ghana’s import duties do not exceed those in Togo.
He also proposed that the Ghana Revenue Authority (GRA) use technology to pursue a policy of faceless audits.
“Abolishing the practice of invigilation by GRA where tax officers sit in shops (sometimes for months) to observe sales of traders,” he asserted.
Dr. Bawumia remarked that the traders were quite excited about his plans, and he was heartened by their response.
“My proposals were received with so much excitement by the traders and I am encouraged by their support,” he stressed.
He described the meeting with market traders and importers as “very fruitful,” adding, “I took the opportunity to explain the new policies that I have proposed to improve the business environment in Ghana.”
By Ernest Kofi Adu