My New Friendly Tax Reforms Will Boost Businesses - Dr. Bawumia Tells CIBA

Mahamudu Bawumia has told members of the Council of Indigenous Business Association of Ghana (CIBA) that his new tax reforms policy is carefully thought through to enhance the growth of businesses, especially indigenous businesses.Following his major policy address last month, Dr.

Bawumia has been interacting with various stakeholders to further explain his policies to them and seek their views and suggestions.On Monday, March 25, in Accra, the Vice President had an extensive interactive session with CIBA, the largest informal group in the country.While answering series of questions from members of the association, Dr.

Bawumia explained that the tax amnesty  for businesses and individuals which his government will introduce from 2025 as well as the flat tax rate are aimed at simplifying tax payment for businesses."The new tax reforms I have outlined including the flat tax rate will make the tax system transparent and easy to calculate.

Bawumia said.He added; "If the tax rate is flat, it will be more transparent, simple and easy to understand.

We want to correct this and help your businesses grow."Among the tax reforms, the Vice President also stated that import duties on containers will be flat with exchange rates for import duties also left stable over a period to ensure predictability in import duties.The NPP flagbearer further noted his government will benchmark Ghana's import duties with Togo or make it lower to ensure Ghana does not lose out to Togo over low import duties.Dr.

Bawumia reiterated his commitment to cancelling the e-levy tax to further boost businesses and his quest for a cashless society.Members of CIBA include the Ghana National Association of Garages, National Drinking Bar-operators Association, Ghana Bar Operators Association, National Association of Beauticians and Hairdressers, National Refrigerators and Air Condition Workshop Owners Association, Federation of Ghana Goldsmith and Jewelers Association, Ghana Traditional Caterers Association, Ghana Electronics Serving Technicians Association, Ghana Association of Barbers and Barbering Salon Owners, Ghana National Tailors and Dressmakers Association and National Cooperative Bitchers Association.