The government will harmonize port charges to be more in line with those at competing regional ports, particularly in Togo.
The Flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has indicated a new tax system for job creation under his presidency.
To launch the new tax system with a clean slate, Ghanaians will be granted a tax amnesty. This means individuals and businesses will be fully exempt from paying taxes, interest, and penalties for a specified period on previously unfiled taxes, allowing everyone to start anew.
Addressing Ghanaian Youth on Sunday, November 3, 2024, he promised to introduce a tax regime that is easy to understand, easy to comply with and easy to enforce and that is not subject to so much discretion.
“My government will introduce a straightforward, citizen- and business-friendly flat tax system,” he stated. “This will involve a flat tax rate on individual and SME incomes (which make up over 80% of all businesses in Ghana), with exemption thresholds designed to protect low-income earners.”
The NPP Flagbearer explained that “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.”
According to Dr Bawumia, “Tax digitalization will be applied throughout all areas of tax administration. Everyone will be required to file a simple tax return electronically using either a mobile phone or computer—no more manual or paper-based filings. Transparent, faceless assessments will ensure accountability, eliminating the need for GRA officers to visit shops. E-invoicing, currently being rolled out by the GRA, will be expanded to all businesses.”
He also promised a flat-rate duty regime for all importers, bringing predictability and stability to the prices of imported goods. Additionally, he aimed to harmonize port charges to be more in line with those at competing regional ports, particularly in Togo.
Story: Janet Ayethe
