Tax Amnesty Is A Friendly Way Of Helping Indigenous Businesses Bawumia Reveals

The Vice President, Dr. Mahamudu Bawumia, has informed members of the Council of Indigenous Business Association of Ghana (CIBA) that the new tax reforms he intends to introduce during his tenure as President are carefully thought through to help the growth of businesses, especially indigenous businesses.

On Monday, March 25 in Accra, the Vice President and flagbearer of the New Patriotic Party (NPP), had an extensive interactive session with CIBA, the largest informal group in Ghana.  

The vice president, during his Big Vision lecture at the University of Professional Studies in Accra, revealed as part of his policies, plans to introduce policies that will help small and medium scale businesses.

While answering a series of questions from members of the association, Dr. Bawumia explained a number of his policies, including his proposed new tax reforms, which he said, are aimed at boosting the business community, including indigenous businesses, to make them competitive.

Dr. Bawumia explained that the tax amnesty, as announced for businesses and individuals, which his government will introduce from 2025 should he be elected President, as well as the flat tax rate, are aimed at simplifying tax payment for businesses to help their growth.

He said, "The new tax reforms I have outlined, including the flat tax rate will make the tax system transparent and easy to calculate. For instance, if your tax is based on a simple percentage of your profit, you can easily calculate what you have to pay yourself and file your own tax. You don't have to wait for any tax official to come to you and find the process challenging to understand."

Dr. Bawumia added, "If the tax rate is flat, it will be more transparent, simple and easy to understand. This is what many businesses need to help them and also to make it very competitive for them. Many businesses and individuals persist to complain about the tax system, including the harassment they face. It is because the process is not transparent and you feel overburdened. We want to correct this and help your businesses grow."

 

Kobina Darlington/