Vice President Dr Mahamudu Bawumia has announced that his administration will “introduce a very simple, citizen and business-friendly flat tax regime” under his presidency.
He stated this when he outlined his vision at the University of Professional Studies, Accra, on Wednesday, February 7, 2024.
He said his government would introduce a flat tax of a percentage of income for individuals and Small and Medium Enterprises SMEs (which constitute 98% of all businesses in Ghana) with appropriate exemption thresholds set to protect the poor.
“With the new tax regime, the tax return should be able to be completed in minutes! We will also simplify our complicated corporate tax system and VAT regime,” he added.
He also promised to introduce policies to expand Ghana’s cashless society.
To do this, he has promised to abolish e-levy, tax on betting and the emissions levy as well as the proposed 15% VAT on electricity tariffs.
“To move towards a cashless economy, however, we have to encourage the population to use electronic channels of payment. To accomplish this, there will be no taxes on digital payments under my administration. The e-levy will, therefore, be abolished,” he declared.
By: Rainbowradioonline.com/Ghana
