The Vice President and Presidential candidate of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has made the audacious promise to enact a complete tax amnesty policy for individuals and corporations in 2025. The goal of this project is to make it easier for Ghanaians to go from a system of many rates on taxable products and services to one system of flat rates.
During his three-day campaign trip of the Ashanti Region, Dr. Bawumia addressed members of the Ashanti Regional House of Chiefs, highlighting the importance of this tax reform in giving businesses and importers clarity and certainty. The proposed policy seeks to improve enterprises’ ability to anticipate their tax payments by simplifying the tax structure, which will improve the environment for investment and economic growth. Dr. Bawumia emphasised the significance of implementing a novel tax strategy that is consistent with his larger economic outlook.
He underlined the need for creative solutions that would not only streamline the tax code but also boost the economy and advance the government’s development goals. “The lack of predictability is one thing that worries importers.” Importers will benefit from having a fair expectation of how much to pay on a flat rate in Ghana Cedis thanks to the predictable import tariffs.Since there is no predictability, the quantity of each commodity being imported must have a fixed rate. Dr. Bawumia informed the traditional rulers, “Price increases for products and services are occurring without prior notification or standards, which leads to inflationary biases.
