The Ghana Union of Traders Association (GUTA) has expressed optimism in the upcoming Budget and Financial Statement of the Government for the year 2025.
The Association says it is expecting the Finance Minister to scrap the numerous nuisance taxes that are stifling businesses in the country as promised earlier by the government.
In a statement signed and issued by the President of the Association, Dr. Joseph Obeng Wednesday, February 26, 2025, he noted that GUTA members are expecting the government to streamline the Value Added Tax (VAT) to bring simplification and uniformity in its payment.
Dr. Obeng also highlighted the Association’s readiness for more tax amnesty programmes to broaden the tax base, whilst the weekly or bi-weekly Bank of Ghana Dollar Rate used to determine the payment of duties at the ports is also extended to bring relief to businesses.
The calls come on the back of the new government’s presentation of its annual budget for the year scheduled for March 11, 2025.
Find below the full statement from the Association.
PRESS RELEASE
GUTA AWAITS BUSINESS FRIENDLY BUDGET
The Ghana Union of Traders’ Associations (GUTA) expresses optimism in the upcoming 2025 Budget Statement of the new Government.
The assurance given by the Government to reduce the cost of doing business in the country by streamlining the tax system and effectively reduce taxes, duties and levies is a step in the right direction.
With this approach, we fervently expect the following.
That:
- All nuisance taxes will be scrapped to considerably prune down the number of numerous taxes that impede the growth of business in the country.
- The Value Added Tax (VAT) will be restructured to be more simplified, affordable and uniform.
- The weekly or biweekly use of the Bank of Ghana Dollar Rate to determine duty payment at the ports should be pegged quarterly or bi-annually for the purpose of clearing goods.
- We urge the Government to introduce unconditional tax amnesty programmes as a stop-gap measure in its quest to broaden the tax base and to ensure non-tax businesses are enrolled into the tax net and also allow businesses with tax irregularities to normalize their tax obligation to optimize Government revenue mobilization.
- Compliance measures including effective education, monitoring and enforcement would be adapted.
- The fixed tax system of duty for spare parts as promised in the manifesto is highly expected to be implemented as a pilot scheme for future expansion to all other imported commodities.
- Above all, the budget should adapt a policy that will ensure stability of the local currency, reduce inflation, interest rates and improve other economic indicators; and
- Government expenditure should be properly scrutinized and evaluated to avoid waste and misappropriation of public funds. This will ensure value for money expenditure to make tax payments meaningful.
Signed
Dr. Joseph Obeng
President.
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