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BusinessBawumia’s flat tax regime welcomed by Abossey Okai Spare Parts Dealers Association

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Bawumia’s flat tax regime welcomed by Abossey Okai Spare Parts Dealers Association

The Abossey Okai Spare Parts Dealers Association has thrown its weight behind Dr. Mahamudu Bawumia’s proposition to introduce a simplified flat tax system should he assume the presidency.

In a released statement, the association urged its members to support the initiative, believing it would greatly benefit spare parts businesses across the nation.

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They highlighted that the proposed flat tax structure could lead to reduced costs for spare parts, offering relief to commercial drivers who frequently factor these expenses into their transportation fares.

Dr. Bawumia unveiled this proposal during a speech at the University of Professional Studies in Accra on Wednesday, February 7, as part of his presidential agenda.

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The NPP flagbearer made this known when he announced that if elected president in the 2024 elections, he would introduce a flat tax regime for the collection of taxes.

According to him, the flat tax of percent of income for individuals and SMEs (which constitute 98% of all businesses in Ghana) will have appropriate exemption thresholds set to protect the poor.

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“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,” he said.

Addressing the nation on his vision for Ghana while speaking at the University of Professional Studies (UPSA) in Accra today, he stressed that there is a need to reform and refocus the Ghana Revenue Authority (GRA) towards broadening the tax base.

The Association views this initiative as commendable and crucial for the welfare of spare parts dealers nationwide.

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