Tax Reforms: Women Importers Laud Bawumia For His Tax Amnesty, Flat Duty Rate

Bawumia, as part of his major policies to transform the country, announced a major overhaul of the present tax regime and import duties charged in US dollars.At a meeting in Accra with a group of women importers, Dr.

Bawumia stressed the present tax regime is unfavorable to businesses due to its cumbersome nature, hence bringing a policy that will eradicate this problem. "The present tax system is confusing and traders even find it difficult to calculate what they have to pay...Also, as you have just confirmed, many traders complain of harassment from tax officials which should not be the case.

Bawumia said."I am bringing a new policy, if you help me to be President, to make the tax system very simple, transparent and easy to calculate", he pledged, adding "to kick off the new tax regime I will be introducing in 2025, by the grace of God, I will grant tax amnesty to businesses so that we start on a fresh note to help businesses". He continued; "I have also realized that charging import duties in US dollars affect traders due to exchange rate fluctuations.

Our import duties are also higher than our neighbors in Togo; so many people smuggle goods from Togo.

Another new thing I want to bring is that I will introduce a flat duty on containers which will be charged in cedis.

This will ensure predictability and also significantly reduce import duties as we will not go higher than Togo." Dr.

Bawumia's tax reforms; several groups including GUTA and spare parts dealers have equally endorsed the NPP presidential candidate's policies.

 

 

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