AThe leader and founder of the Movement for Change and independent presidential hopeful has pledged to implement the lowest tax regime within the Economic Community of West African States (ECOWAS) bloc if elected president in the upcoming December 7 polls.
Mr. Alan Kyerematen unveiled his vision for tax reform during a meeting with the leadership of the Ghana Union of Traders Association (GUTA).
He outlined specific measures aimed at achieving this goal, including consolidating the existing National Health Insurance Levy and Ghana Education Trust Fund levies into the calculation of a new Value Added Tax (VAT) rate. He also stated that his government will abolish the Special Import Levy of 2% and further abolish the COVID-19 Health Recovery Levy. Additionally, he promised an elimination of the Ghana Health Service Disinfection Fee on imports and exports.
He pledged his government’s commitment to abolish all taxes and charges on the importation of spare parts within two years of establishing the much-talked-about Government of National Unity. Furthermore, he promised a review and consolidation of all statutory fees on imports imposed by regulatory agencies under a new Cash Waterfall mechanism designed to alleviate the financial burden on importers.
Mr. Kyerematen’s proposed reforms aim to streamline the tax system, reduce the tax burden on businesses and individuals, and promote economic growth and competitiveness.
If elected, he said he intends to prioritize these measures to create a more conducive environment for trade and investment in Ghana.
He concluded by stating that the trading community is a critical component of the Ghanaian economic architecture and emphasized the importance of deploying all efforts to make them competitive.