Source: newsthemegh.com
In the event that he wins the December 7 presidential election, the leader and creator of the Movement for Change, an independent candidate for president, has promised to enact the lowest tax system in the Economic Community of West African States (ECOWAS).
In a meeting with the Ghana Union of Traders Association (GUTA) leadership, Mr. Alan Kyerematen presented his proposed tax reform.
He listed particular actions intended to do this, such as:
creating a new Value Added Tax (VAT) rate by combining the Ghana Education Trust Fund and the current National Health Insurance Levy.
He declared that the 2% special import levy would be eliminated by his government. Eliminate the COVID-19 Health Recovery Levy as well.
He pledged to do away with the Ghana Health Service’s import and export disinfection fee.
After the much-discussed Government of National Unity was established, he promised that his government would remove all tariffs and fees on the importing of spare parts.
In order to lessen the financial strain on importers, he committed to reviewing and consolidating all mandatory fees on imports levied by regulatory bodies into a new Cash Waterfall process.
The goals of Mr. Kyerematen’s suggested changes are to increase economic growth and competitiveness, simplify the tax code, and lessen the tax burden on individuals and enterprises.
He declared that if elected, he will give priority to these initiatives in order to improve the trade and investment climate in Ghana.
He finished by saying that the trade community is an essential part of Ghana’s economic architecture and that every effort needs to be made to make them competitive.