Bawumia explains his tax amnesty and flat import duty proposal to women importers
Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has provided clarification on his proposal to grant tax amnesty to businesses and introduce a flat duty rate in cedis if elected President.
Dr. Bawumia emphasized that as part of his transformative policies for the country, he plans to revamp the current tax regimes and shift import duties from being charged in US Dollars.
During a meeting with a group of women importers in Accra, Dr. Bawumia reiterated his commitment to implementing these policies and offered insights into their workings.
Explaining further, Dr. Bawumia highlighted the complexity of the present tax system, which he described as confusing and burdensome for businesses in determining their tax obligations transparently.
“The current tax system is confusing, and traders struggle to calculate their payments,” remarked Dr. Bawumia. “Additionally, many traders face harassment from tax officials, which should not be happening. Those already paying taxes should not be subjected to regular harassment.”
“I am proposing a new, simplified, and transparent tax system,” Dr. Bawumia stated. “If elected President, I will introduce this new regime in 2025, starting with granting tax amnesty to businesses to provide a fresh start and support for businesses.”
Dr. Bawumia also addressed the issue of import duties being charged in US Dollars, leading to challenges due to exchange rate fluctuations and higher duties compared to neighboring countries like Togo.
“To address this, I will introduce a flat duty rate on containers, charged in cedis, ensuring predictability and reducing import duties significantly to match or be lower than Togo’s rates,” he explained.
Dr. Bawumia assured the traders that his proposals were carefully examined to mitigate negative impacts on businesses and enhance revenue mobilization. He expressed confidence that these policies would benefit importers, traders, and the nation, urging support for his bid for the Presidency to implement these changes effectively.