• Business

    Bawumia clarifies plan for tax amnesty and flat import duty rates

    Vice President and flagbearer for the New Patriotic Party (NPP), Dr. Mahamudu Bawumia has clarified his initiative to overhaul Ghana’s tax system.

    This, according to him, would help alleviate the burdens faced by traders.

    In a recent statement, Dr. Bawumia described the current tax system as confusing, leading to difficulties in payment calculations and unnecessary harassment from tax officials.

    He shared his vision for a more straightforward and transparent tax structure.

    “The current tax system is confusing, and traders struggle to calculate their payments. Additionally, many traders face harassment from tax officials, which should not be happening. Those already paying taxes should not be subjected to regular harassment,” he said.

    Dr. Bawumia said that he would introduce a flat duty rate for containers, calculated in the local currency, to counteract the volatility of exchange rates and ensure competitive pricing.

    “I am proposing a new, simplified, and transparent tax system. 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.

    “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 stated.

    This move aims to provide stability and predictability for businesses dealing with imports.

    He assured the business community that his policies have been meticulously crafted to avoid adverse effects on commerce while boosting the government’s revenue collection.


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