By Issah Mohammed
Accra, Feb 26, GNA – The Ghana Union of Traders’ Associations (GUTA) says it is optimistic that the Government would scrap what it called “nuisance” taxes that impede the growth of businesses in the country.
In the upcoming 2025 Budget Statement, the association urged the Government to stay true to its assurance of reducing cost of doing business by streamlining the tax system and effectively reducing taxes, duties and levies.
“With this approach, we fervently expect the following; the Value Added Tax (VAT) will be restructured to be more simplified, affordable and uniformed,” the Association said in a statement signed by Dr Joseph Obeng, its President.
“The weekly or biweekly use of the Bank of Ghana Dollar rate to determine duty payment at the ports should be pegged quarterly or bi-annually for the purpose of clearing goods.”
GUTA advised the Government to introduce unconditional tax amnesty programmes to broaden the tax base and ensure non-tax businesses are enrolled into the tax net.
This measure, the association noted, would allow businesses with tax irregularities to normalise their tax obligation to boost revenue mobilisation efforts.
“The fixed tax system of duty for spare parts as promised in the manifesto is highly expected to be implemented as a pilot scheme for future expansion to all other imported commodities,” it added.
The statement expressed optimism that the 2025 economic policy and budget statement would be premised on a policy of ensuring stability of the local currency, reducing inflation, interest rates and improving other economic indicators.
“Government expenditure should be properly scrutinised and evaluated to avoid waste and misappropriation of public funds. This will ensure value for money expenditure to make tax payments meaningful,” it said.
GNA