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Bawumia promises felixible new tax regime

Business

22 day(s) ago
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The Vice President, Dr. Mahamudu Bawumia, says his government will abolish the e-levy tax, emissions tax and other taxes as part of his  government's reforms to boost  government revenue in a proposed  tax reforms.

Delivering his policy statement and priorities of his government to Ghanaians in Accra on Wednesday February 7, 2024, Dr. Bawumia said abolishing the e-levy tax, or tax on mobile money transactions, will boost his government's bid for a cashless society.

While lamenting  the huge loss of  government revenue, which he estimated to be a whopping $24b  or 13% of GDP,  because of several people outside the tax basket, Dr. Bawumia said his new revenue generation reforms, which will also abolish some taxes including the emissions tax,  tax on betting and others, will help reform the GRA and help boost both businesses and government  revenue.

"The current tax regime has been with us since independence and it has failed us," Dr. Bawumia said.

"Many individuals and businesses find our tax system cumbersome and confusing and many feel harassed by the GRA."

"Many of the wealthy do not pay taxes, including property taxes. Too much discretion results in corruption. We want a regime that is easy to understand, easy to comply with and easy to enforce and that is not subject to so much discretion.'