The Vice President and flag bearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia,  engaged in a fruitful dialogue with the Council of Indigenous Business Association of Ghana (CIBA), emphasising the careful design of his new tax reforms to bolster business growth, particularly for indigenous enterprises. In his ongoing efforts to underscore his policies following a significant policy address last month, Dr.

0

Bawumia interacted extensively with CIBA members, the largest informal business group in the nation, on Monday, March 25, in Accra. Central to the discussion were Dr. Bawumia's proposed tax reforms, including a tax amnesty slated for introduction in 2025 under a potential Bawumia administration, alongside a streamlined flat tax rate.

1

These measures, he explained, are intended to simplify tax processes for businesses, promoting their competitiveness and facilitating self-calculation and filing. "The new tax reforms I have outlined, including the flat tax rate will make the tax system transparent and easy to calculate. For instance, if your tax is based on a simple percentage of your profit, you can easily calculate what you have to pay yourself and file your own tax.

2

You don't have to wait for any tax official to come to you and find the process difficult to understand. "If the tax rate is flat, it will be more transparent, simple and easy to understand. This is what many businesses need to help them and also to make it very competitive for them. Many businesses and individuals continue to complain about the tax system, including the harassment they face.

3

It is because the process is not transparent and you feel overburdened. We want to correct this and help your businesses grow," Dr. Bawumia stated. He further elaborated on plans to stabilise import duties' exchange rates and implement flat import duties on containers, ensuring predictability and fairness while safeguarding Ghana's competitive edge in trade vis-à-vis neighbouring countries like Togo. Additionally, Dr.

4

Bawumia reaffirmed his commitment to abolishing the e-levy tax, underscoring its potential to further energise businesses and advance the country's transition towards a cashless economy. The interactive session with CIBA, representing a diverse range of sectors including garages, bars, beauty services, electronics, tailoring, and more, showcased Dr.

5

Bawumia's dedication to engaging stakeholders and crafting policies tailored to enhance the growth and competitiveness of indigenous businesses in Ghana.

6