Dr. Mahamudu Bawumia, flagbearer of the New Patriotic Party (NPP), has announced plans to introduce a simplified, citizen and business-friendly flat tax regime if elected as president in the 2024 elections.
He emphasised that this tax system will ease the burden on businesses and individuals, making tax compliance more straightforward while stimulating economic growth.
Speaking at the party’s manifesto launch on Sunday, August 18, 2024 Dr. Bawumia noted that the current tax system can be complicated for many Ghanaians, particularly small businesses.
He explained that a flat tax regime would ensure that everyone contributes fairly, while reducing the complexities involved in tax filing and collection. This initiative is aimed at fostering a more transparent and efficient tax environment.
The NPP flagbearer further explained that under his administration, the flat tax system would also encourage greater tax compliance, as it will remove the fear and confusion often associated with taxes.
He added that this new regime will support businesses, especially in the informal sector, by allowing them to focus more on growth and expansion rather than navigating a complex tax framework.
Dr. Bawumia assured Ghanaians that the flat tax policy would be part of a broader plan to reform the country’s tax system, making it fairer and more accessible to all, while enhancing government revenue for national development.
He urged voters to trust the NPP to deliver on this promise and transform the business landscape in Ghana.
“The next NPP government will introduce a very simple, citizen and business friendly flat tax regime. A flat tax of a percentage of income for individuals and businesses with appropriate exemption thresholds set to protect the poor.
“With the new tax regime, the tax return should be able to be completed in minutes! We will also simplify our complicated corporate tax system and VAT regime.”
“We will reform the Value Added Tax regime by merging all levies into a single line-item levy and treat the merged levy as part of input and output VAT, to eliminate the cascading effect in the current regime,” Dr Bawumia stated.
