My New Tax Reforms Will Boost Businesses – Dr. Bawumia Tells CIBA
The Vice President and flagbearer of the NPP, Dr. Mahamudu Bawumia has told members of the Council of Indigenous Business Association of Ghana (CIBA) that his new tax reforms policy is carefully thought through to enhance the growth of businesses, especially indigenous businesses.
Following his major policy address last month, Dr. Bawumia has been interacting with various stakeholders to further explain his policies to them and seek their views and suggestions.
On Monday, March 25, in Accra, the Vice President had an extensive interactive session with CIBA, the largest informal group in the country.
While answering series of questions from members of the association, Dr. Bawumia explained a number of his policies including his proposed new tax reforms, which he said, are aimed at boosting the business community to make them competitive.
Dr. Bawumia explained that the tax amnesty for businesses and individuals which his government will introduce from 2025 as well as the flat tax rate are aimed at simplifying tax payment for businesses.
“The new tax reforms I have outlined including the flat tax rate will make the tax system transparent and easy to calculate. For instance, if your tax is based on simple percentage of your profit, you can easily calculate what you have to pay yourself and file your own tax. You don’t have to wait for any tax official to come to you and find the process difficult to understand”, Dr. Bawumia said.
He added; “If the tax rate is flat, it will be more transparent, simple and easy to understand. This is what many businesses need to help them and also to make it very competitive for them. Many businesses and individuals continue to complain about the tax system including harassment they face. It is because the process is not transparent and you feel overburdened. We want to correct this and help your businesses grow.”
Among the tax reforms, the Vice President also stated that import duties on containers will be flat with exchange rates for import duties also left stable over a period to ensure predictability in import duties.
The NPP flagbearer further noted his government will benchmark Ghana’s import duties with Togo or make it lower to ensure Ghana does not lose out to Togo over low import duties.
Dr. Bawumia reiterated his commitment to cancelling the e-levy tax to further boost businesses and his quest for a cashless society.
Members of CIBA include the Ghana National Association of Garages, National Drinking Bar-operators Association, Ghana Bar Operators Association, National Association of Beauticians and Hairdressers, National Refrigerators and Air Condition Workshop Owners Association, Federation of Ghana Goldsmith and Jewelers Association, Ghana Traditional Caterers Association, Ghana Electronics Serving Technicians Association, Ghana Association of Barbers and Barbering Salon Owners, Ghana National Tailors and Dressmakers Association and National Cooperative Bitchers Association.
Source: Ghmessenger.com
