The government has abolished five taxes to provide relief to businesses and stimulate production, in fulfilment with the campaign promise to revitalise the economy and alleviate the financial burdens faced by Ghanaians.
They are, the 10 per cent withholding tax on winnings from lottery known as Betting Tax, the one per cent Electronic Transfer Levy, Emission Levy on Industries and Vehicles, Valued Added Tax on motor vehicle insurance policy.
The rest are the 1.5 per cent withholding tax on winning of unprocessed gold by small-scale miners.
Presenting the 2025 budget statement and economic policy of the government to Parliament in Accra yesterday, Finance Minister, Dr Cassiel Ato Baah Forson, said as part of the government's 120-day social contract, the government pledged to review those taxes to revamp the economy and address hardship the citizens were going through.
