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If elected president in the forthcoming December 7 polls, the leader and the founder of the Movement for Change, an independent presidential candidate, has promised to enact the lowest tax system within the Economic Community of West African States (ECOWAS) bloc.
Mr. Alan Kyerematen met with the Ghana Union of Traders Association (GUTA) leadership and shared his tax reform vision.
Consolidating the current National Health Insurance Levy and Ghana Education Trust Fund levies into the computation of a new Value Added Tax (VAT) rate is one of the particular strategies he suggested to achieve this goal.
He declared that his administration would do away with the 2% special import levy.
Additionally, do away with the COVID-19 Health Recovery Levy.
He pledged to do away with the Ghana Health Service’s import and export disinfection fee.
After the much-discussed Government of National Unity was established, he promised that his government would remove all tariffs and fees on the importing of spare parts.
In order to lessen the financial strain on importers, he committed to reviewing and consolidating all mandatory fees on imports levied by regulatory bodies into a new Cash Waterfall process.
The goals of Mr. Kyerematen’s suggested changes are to increase economic growth and competitiveness, simplify the tax code, and lessen the tax burden on individuals and enterprises.
He declared that if elected, he will give priority to these initiatives in order to improve the trade and investment climate in Ghana.
He finished by saying that the trade community is an essential part of Ghana’s economic architecture and that every effort needs to be made to make them competitive.
Source: Ghanatodayonline.com
