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Dr. Mahamudu Bawumia, the Vice President and Flagbearer of the NPP, has reiterated his commitment to implementing a new tax system in 2025, ensuring a clean tax slate for businesses and individuals under his presidency.
In his inaugural address to the nation as the NPP’s flagbearer, Dr. Bawumia unveiled plans for a more business-friendly tax regime aimed at enhancing competitiveness in the private sector.
Speaking at a stakeholder engagement with members of the Ghana National Chamber of Commerce and Industry in Accra, Dr. Bawumia emphasized the necessity of reforming the existing tax framework to align with his vision of fostering private sector growth.
“Our current tax system, unchanged since independence, has proven ineffective. Therefore, we must enact change,” Dr. Bawumia remarked.
He outlined his proposal for a flat tax system designed to promote competitiveness and business friendliness. Dr. Bawumia announced a tax amnesty for individuals and businesses in 2025 to kickstart the transition, signaling a fresh start for all stakeholders.
Furthermore, Dr. Bawumia pledged to introduce faceless tax audits starting in 2025, aiming to curb harassment and corruption in tax assessment processes. He also proposed limiting company audits to once every five years, unless warranted by specific circumstances, aligning Ghana with international practices.
Expressing his ambition to position Ghana as one of the world’s most tax-competitive nations, Dr. Bawumia drew inspiration from his study of Estonia’s advanced tax system.
Addressing concerns about existing taxes, Dr. Bawumia reaffirmed his commitment to abolishing certain levies, including the controversial e-levy, to encourage cashless transactions. Additionally, he promised to implement a flat rate for spare parts importation and benchmark port charges to enhance Ghana’s competitiveness relative to neighboring countries like Togo.
The Ghana National Chamber of Commerce and Industry commended Dr. Bawumia for his proposed tax reforms and his focus on empowering the private sector to drive economic growth.
Source:Omanghana.com
