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BusinessBawumia announces plan for business-friendly flat tax regime when he becomes president

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Bawumia announces plan for business-friendly flat tax regime when he becomes president

The 2024 presidential candidate of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has pledged to implement a straightforward, citizen- and business-friendly flat tax system if elected president in the upcoming December elections.

Addressing the audience on Wednesday (7 February) at the University of Professional Studies, Accra (UPSA), Bawumia announced that his administration would offer tax amnesty to individuals and businesses for a designated period.

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“My administration will introduce a very simple, citizen and business-friendly flat tax regime. A flat tax of a % of income for individuals and SMEs (which constitute 98% of all businesses in Ghana) 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

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simplify our complicated corporate tax system and VAT regime,” he said.

“To start the new tax system on a clean slate, my government will provide a tax amnesty (i.e. a complete exemption from the payment of taxes for a specified period and the waiving of interest and penalties) up to a certain year to individuals and businesses for failures to file taxes in previous years so that everyone will start afresh,” Bawumia added.

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