The Vice President and Flagbearer of the NPP, Dr. Mahamudu Bawumia, has reiterated that businesses and individuals will have a clean tax slate under his presidency in 2025, ushering in a new tax system.
During his maiden address to the nation as flagbearer of the NPP, Dr. Bawumia announced that his government will introduce a new friendly tax regime aimed at boosting businesses and making the private sector competitive.
At a stakeholder interaction with members of the Ghana National Chamber of Commerce and Industry in Accra, he stressed the need for a new tax regime to aid his vision of carrying the private sector along under his government.
As part of Dr. Bawumia’s new tax system, he also stated that beginning in 2025, under his presidency, there will no longer be a human interface in tax audits.
Dr. Bawumia also reiterated his pledge to abolish several taxes as president, including taxes on electronic financial transactions. For importers, Dr. Bawumia also committed to his pledge of instituting a flat rate for the importation of spare parts as well as benchmarking Ghana’s port charges with Togo, to be competitive.
Ghana National Chamber of Commerce and Industry, for its part embraced several policies the Flagbearer of the NPP, Dr. Mahamudu Bawumia, has proposed to boost the private sector under his government.
The President of the Chamber, Dr. Clement Osei Amoako accentuated the major role of the private sector in bolstering the economy. He said partnership with the private sector must be an element of major focus.
The Chamber added that for businesses and the private sector to thrive, there should be a significant reduction in the budget deficit to prevent competition with the private sector for funds, and as such, supported Dr Bawumia’s pledge to amend the Fiscal Responsibility Act.
The Chamber also acknowledged the need for government to partner with the private sector to provide public infrastructure. However, the government must be committed to its payments to contractors. This will incentivize private businesses to contribute to infrastructure provision and reduce pressure on limited government revenue.”
While making some recommendations on the tax system to the Vice President, the Chamber also supported Dr. Bawumia’s vision to introduce a new tax regime to boost businesses.
The Chamber also made several proposals for Dr Bawumia to consider, and the Vice President welcomed them, stating that they aligned with his vision.
