The New Patriotic Party flagbearer, Dr. Mahamudu Bawumia, claims that if elected president, his administration will “introduce a very simple, citizen and business-friendly flat tax regime.”
Speaking to the public on Wednesday at the University of Professional Studies in Accra about his vision for the country should he be elected president, Dr. Bawumia said that his administration would implement a flat tax of a percentage of income for individuals and Small and Medium Enterprises (SMEs), which make up 98% of all businesses in Ghana, with suitable exemption thresholds set to protect the underprivileged.
“The tax return should be able to be completed in minutes with the new tax regime! We intend to streamline our intricate corporate tax structure and value-added tax program,” he continued.
Additionally, Dr. Bawumia declared unequivocally that, should he be elected President of Ghana, he would do away with the e-levy, or tax on electronic financial transactions.
Vice President Bawumia stated in an interview that he was against taxes on electronic financial transactions prior to the contentious tax’s 2022 introduction.
Dr. Bawumia did not hold back when he stated that he would eliminate the e-levy during his presidency and that he was opposed to taxes on electronic financial transactions.
Dr. Bawumia continued, saying that the elimination of the e-levy would greatly strengthen his campaign for a digital and cashless Ghana.
But in order to transition to a cashless economy, we must urge people to use electronic payment methods. Under my administration, there won’t be any taxes on digital payments in order to achieve this. Thus, the e-levy will be eliminated,” he said.
Dr. Bawumia further declared that, if his government’s proposed 15% VAT on electricity tariffs is implemented by January 2025, he will eliminate the emission tax, the betting tax, and the tax on wagers as part of the new tax system.
