Tuesday, 28 May

Kyerematen vows to give Ghana lowest tax regime in ECOWAS

Business
Alan Kyerematen

The founder and leader of the Movement for Change, Mr Alan Kyerematen, has vowed to eliminate several import taxes he deems unnecessary and burdensome to traders, during an engagement with members of the Ghana Union of Traders Association (GUTA).

Mr Kyerematen pledged to make Ghana the country with the lowest tax regime in the ECOWAS subregion under his presidency. 

“Under my presidency, Ghana will have the lowest tax rate regime in ECOWAS,” he said.

His proposed measures include consolidating NHIL & GETFund levies at ports into a new VAT rate, scrapping the Special Import Levy, COVID-19 Health Recovery Levy, and the Ghana Health Service Disinfection Fee.

He also committed to abolishing taxes on spare parts imports within two years of his administration and conducting a comprehensive assessment of other port-related fees and levies.

GUTA's President, Dr. Obeng highlighted the burden of numerous taxes, totalling nearly 65% of import values and the presence of multiple state agencies at ports, contributing to high business costs and unethical practices.

Mr Kyerematen emphasised the need to ease the business environment to improve livelihoods and proposed a shift from indirect to direct taxes to make the corporate sector more competitive and profitable.

“I will ensure a recalibration of the existing tax regime structure to optimise revenue mobilisation from direct taxes (personal and corporate), and reduce over-reliance on indirect taxes (import duties, levies, and charges) to make the corporate sector more competitive and profitable", Mr Kyerematen said.

His proposals align with his Great Transformational Plan (GTP), aiming to deliver tangible results beyond political promises, fostering prosperity, unity, and equal opportunities for all Ghanaians, particularly youth, women, and vulnerable groups.

Source: Classfmonline.com