channel247online
President-elect, John Mahama has justified plans to remove some taxes he considers nuisance.
He argued that the proposed expenditure cuts by his government, and the plan to expand the tax net will all help close the revenue gap.
Speaking in an interview with the Global South World News Network, he stressed on the need for a simplified tax regime for easy computation and compliance.
He pledged that when elected as president, he will simplify the Value Added Tax (VAT) and streamline its collection using Point of Sale (POS) device to promote transparency.
“We will embark on fiscal reforms by bringing down expenditure and increase revenue but not additional taxes but smart borrowing and looking at non-tax revenues. I think a combination of all that will help the economy”.
“We will cut expenditure by operating with small ministers. We will abolish the e-levy and some taxes that have become a burden on businesses and households. We will not burden Ghanaians with endless tax audits and harass you with the Economic and Organised Crime Office,” he said.
President-Elect John Mahama said the new administration will implement a comprehensive VAT reform to provide relief for households and businesses.
He promised to reverse the decoupling of GETFund and NHIL from VAT; upwardly adjusting the VAT registration threshold to exempt micro and small businesses; and repealing the law imposing VAT on domestic electricity consumption.
According to him, the next National Democratic Congress government would implement an Economic Transformation Agenda focused on agriculture and value addition; review and enforce fiscal responsibility measures, restructure the Bank of Ghana, and investigate the NPP’s economic policies, including the Gold-for-Oil initiative.
President-elect Mahama will be sworn in as president on January 7, 2025.
Mr. Mahama emerged the winner of the 2024 general elections after polling 6,328,397 representing 56.55%.
The vice president and presidential candidate of the governing New Patriotic Party (NPP), Dr Mahamudu Bawumia, secured 4, 657, 304, representing 41.61%.
source: myjoyonline.com
