We are going to grant tax amnesty to all businesses in 2025 – Bawumia
Vice President Dr. Mahamudu Bawumia has assured businesses of tax amnesty in 2025 if he wins the December 2024 presidential elections.
According to him, the country’s current tax structure is not fit for purpose, and he therefore wants the tax system to change.
He argues it’s about time Ghana becomes competitive like other countries like Estonia.
He made this known at an engagement with the Ghana National Chamber of Commerce and Industry.
“In 2025, we are going to grant a tax amnesty to all businesses and individuals and start afresh. We are going to start a new system – a flat tax system; so we are going to wipe the slate clean for every individual and every business and Ghana is going to start a new tax system – a flat tax system as we have in Estonia”.
“In addition, we are going to do faceless audits. Officials should not come to businesses to do audits. With the digital framework, we should have the information and audit facelessly”, he added.
Meanwhile, the Vice President has vowed to move Ghana from a social intervention economy to a private sector-led one.
According to him, Ghana would become competitive in the ECOWAS sub-region if it addresses the high taxes, the exchange rate regime as well as creates a congenial environment for private sector growth.
“The President [Akufo-Addo] just mentioned our neighboring Togo, for example how we are losing containers to Togo because we are more expensive in terms of import duty than Togo. I will comment on that.”
“Utilities are also an issue, so it is heartwarming listening to the President and the proposals the Ghana National Chamber of Commerce and Industry is making for us to consider in this manifesto that we are putting together. It is heartwarming because these proposals align with my thinking and so I find it difficult with any”, he mentioned.
“It means we are coming on the same page on this issue. We need to be transformational and so we need to be taking decisions that will transform the country. I made a point on February 7 [2024] about where I want to go with this country, I said in our first couple of weeks in office that we are focused as a government and more on social interventions. But now, I want us to move the focus to business and the private sector, the Vice President opined.
The President of the Ghana National Chamber of Commerce and Industry, Clement Osei Amoako, implored the Vice President to relook at some challenges hampering the growth of businesses.