Vice President Dr. Mahamudu Bawumia has offered reassurance to businesses, promising a tax amnesty in 2025 should he secure victory in the upcoming December 2024 presidential elections.
He highlighted the inadequacy of Ghana's current tax structure and advocated for its overhaul, drawing parallels with the competitive tax systems of nations like Estonia.
Speaking at an event organized by the Ghana National Chamber of Commerce and Industry, Dr. Bawumia outlined plans for a fresh start with a flat tax system, aiming to reset the tax liabilities for both businesses and individuals.
Additionally, he proposed the implementation of faceless audits, advocating for a digital framework that would enable audits to be conducted without physical visits by officials.
Dr. Bawumia also emphasized his commitment to transitioning Ghana from a social intervention-driven economy to one led by the private sector.
He stressed that addressing issues such as high taxes, exchange rate regimes, and fostering a favorable environment for private sector growth would be pivotal in positioning Ghana competitively within the ECOWAS sub-region.
Furthermore, he referenced President Akufo-Addo's remarks regarding Ghana's loss of container traffic to neighboring Togo due to higher import duties, underscoring the need for reform in this area. Dr. Bawumia expressed appreciation for proposals put forth by the Ghana National Chamber of Commerce and Industry, noting their alignment with his vision for economic transformation.
The Vice President emphasized the importance of unity in addressing critical issues, highlighting the need for transformative decisions to propel the country forward.
Reflecting on his earlier stance, he noted a shift in focus from social interventions towards prioritizing business and private sector development. This strategic redirection aims to foster economic growth and prosperity.
Clement Osei Amoako, President of the Ghana National Chamber of Commerce and Industry, urged the Vice President to reconsider certain obstacles hindering business growth.
Source; cometodaddy.xyz
