Dr. Mahamudu Bawumia has promised to give tax clean sheets to businesses to ensure fresh starts under his presidency.
Speaking to members of the Chamber of Commerce and Industry in Accra, the Vice President stressed on his vision of a tax friendly regime to aid and empower the public sector. He talked about a new tax system that would be the basis for tax reliefs and discourage human interface in tax audits.
“Our tax system has been the same since independence and it has not helped us,we have to change it.”, he said.
“We are going to have a new tax system. It is going to be a flat tax system to ensure competitiveness and business friendliness. To usher in the new tax regime, there will be tax amnesty for individuals and businesses 2025 under my Government.”
“It will be a clean slate for everyone for us to start afresh.”, the Vice President assured.
“We are also going to have a faceless tax audit to prevent harassment of businesses and corruption. An audit of any company cannot be more than once in five years unless there is a reason. This is what other countries are doing”.
“My vision is to make Ghana one of the most tax competitive countries in the world. I have studied many tax systems. Recently, I went to Estonia,one of the most digitized and competitive tax countries to study their tax system. I believe it is possible for us to achieve that in Ghana and even be better.”
Bawumia further pledged to permanently abolish a number of taxes as well. He assured importers of his commitments to ensuring a leveled rate for importation of spare parts. He said a benchmark system with Togo would establish a competitive and healthy environment for the two countries.
The Chamber welcomed the Dr. Bawumia ‘s vision and offered their suggestions in line with his goals for the private sector.
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