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Dr. Mahamudu Bawumia, the vice president and flagbearer of the New Patriotic Party (NPP), informed the members of the Council of Indigenous Business Association of Ghana (CIBA) that his new tax reforms are well-considered measures meant to promote the expansion of enterprises, particularly those owned by indigenous people.
In addition to seeking feedback and explanations from a variety of stakeholders, Dr. Bawumia has been engaging with them since his big policy address as the NPP’s new flagbearer last month.
The largest informal organization in the nation, CIBA, held a lengthy interactive session with the Vice President on Monday, March 25 in Accra.
Dr. Bawumia addressed a number of the association’s queries while outlining some of his initiatives, including as his suggested new tax changes, which he claimed are meant to strengthen the business community and increase the competitiveness of indigenous companies.
Dr. Bawumia clarified that the flat tax rate and the tax amnesty he has declared for people and businesses which, should he win the election, his administration would implement starting in 2025 are intended to make it easier for businesses to pay their taxes and support their expansion.
“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 a 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.
“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 the 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,” Dr. Bawumia added.
In addition to the tax reform, Dr. Bawumia clarified that import tariffs on containers will be flat and that, to maintain predictability in import duties, exchange rates for import duties will be maintained steady over time.
The leader of the NPP also informed CIBA that in order to prevent Ghana from losing out to Togo as a result of lower import charges, his administration will match or even decrease Ghana’s import duties with those of Togo.
Dr. Bawumia also reaffirmed his intention to eliminate the e-levy tax in order to support companies even more and further his goal of a society without cash.
The 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, National Association of Beauticians and Hairdressers, National Refrigerators and Air Condition Workshop Owners Association, and Ghana National Association of Garages are among the organizations that are members of CIBA.
Source: Ghanatodayonline.com
