I Will Scrap E-levy, Emissions Tax, Betting Tax and Others if I am Elected - Dr. Mahamudu Bawumia
In a national address from Accra on Wednesday, February 7, 2024, the NPP flagbearer outlined his strategy to revamp the country's tax framework, aiming to boost businesses, particularly small and medium enterprises (SMEs), and streamline tax processes to bolster national revenue generation.
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Dr. Bawumia emphasized the necessity of optimizing the tax system to support the business community, asserting that a simplified and business-friendly flat tax model will be introduced. This approach will entail a flat tax rate applicable to both individuals and SMEs, with specified exemptions safeguarding lower-income groups, aligning with the government's commitment to fostering economic growth and ease of doing business.
Furthermore, digital enhancements will facilitate swift and efficient tax filing through online platforms, ensuring seamless completion of tax returns within minutes. By streamlining corporate tax structures and Value Added Tax (VAT) protocols, Dr. Bawumia envisages a more transparent and user-centric tax environment conducive to economic expansion and compliance.
To inaugurate this fresh tax regime, the administration plans to grant a tax amnesty, offering relief from taxes, interest, and penalties for a defined period to individuals and entities with past tax discrepancies, enabling a clean start for all stakeholders.
In a digital-driven era, Dr. Bawumia envisions comprehensive tax digitalization initiatives across all facets of tax administration. The transition to electronic tax filing, faceless assessments, and e-invoicing will modernize tax operations, making taxation more accessible, efficient, and accountable.
Dr. Bawumia emphasized the necessity of optimizing the tax system to support the business community, asserting that a simplified and business-friendly flat tax model will be introduced. This approach will entail a flat tax rate applicable to both individuals and SMEs, with specified exemptions safeguarding lower-income groups, aligning with the government's commitment to fostering economic growth and ease of doing business.
Furthermore, digital enhancements will facilitate swift and efficient tax filing through online platforms, ensuring seamless completion of tax returns within minutes. By streamlining corporate tax structures and Value Added Tax (VAT) protocols, Dr. Bawumia envisages a more transparent and user-centric tax environment conducive to economic expansion and compliance.
To inaugurate this fresh tax regime, the administration plans to grant a tax amnesty, offering relief from taxes, interest, and penalties for a defined period to individuals and entities with past tax discrepancies, enabling a clean start for all stakeholders.
In a digital-driven era, Dr. Bawumia envisions comprehensive tax digitalization initiatives across all facets of tax administration. The transition to electronic tax filing, faceless assessments, and e-invoicing will modernize tax operations, making taxation more accessible, efficient, and accountable.
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With an emphasis on simplification, transparency, and fairness, the new tax system seeks to minimize direct intervention in business premises for tax collection while enhancing compliance through digital tracking mechanisms and streamlined auditing procedures.
Crucially, the administration plans to institute a binding arbitration framework for tax disputes, ensuring swift resolution through a specialized body comprising key industry stakeholders. This initiative aims to expedite conflict resolution and foster a responsive and equitable tax regime.
Dr. Bawumia also announced the abolition of several taxes, including the e-levy on electronic payment transactions, emissions tax, betting tax, and the proposed 15% VAT on electricity tariffs.
With an emphasis on simplification, transparency, and fairness, the new tax system seeks to minimize direct intervention in business premises for tax collection while enhancing compliance through digital tracking mechanisms and streamlined auditing procedures.
Crucially, the administration plans to institute a binding arbitration framework for tax disputes, ensuring swift resolution through a specialized body comprising key industry stakeholders. This initiative aims to expedite conflict resolution and foster a responsive and equitable tax regime.
Dr. Bawumia also announced the abolition of several taxes, including the e-levy on electronic payment transactions, emissions tax, betting tax, and the proposed 15% VAT on electricity tariffs.
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