The Vice President, Dr. Mahamudu Bawumia, has admitted that Ghana’s tax system is problematic, and has reassured Ghanaians of his decision to implement the flat rate system when he assumes power.
The New Patriotic Party’s flag bearer, during an encounter with artisans at Suame Magazine in Kumasi Tuesday, June 11, 2024, as part of his nationwide campaign tour, responded to some concerns raised by the artisans, and indicated that his flat rate tax system was going to resolve the issue.
According to the artisans, the high levies at the ports and non-expansion of the tax net is collapsing many businesses, something they want the government to take a look at.
Reacting to the concerns, Dr. Bawumia noted that his team has recognised and appreciate the problems with the tax system, the reason they are putting in measures to ensure the flat rate policy is implemented upon assumption of office.
“Ghana, our tax system is problematic just as the businessmen are complaining. So I want to introduce a new tax system. This new tax system is called the flat tax system which is like the tithe you pay in church. If it is 10%, it is 10% for everyone. So by 2025, we are going to begin the implementation of a new flat tax system for Ghana,” he explained.
The Vice President added that he wants to begin the flat rate tax system on a fresh note and would therefore grant an amnesty to all businesses in 2025 if elected.
“We will cut off every tax the GRA would have made you pay in 2025 so that we all start from ground zero. Tax amnesty in 2025,” he assured.
With additional files from Ibrahim Abubakar|TV3
