By Elsie Appiah-Osei
Accra, March 11, GNA – In a significant move aimed at easing the financial burden on households and businesses, the government has announced plans to abolish several taxes in the 2025 budget.
Finance Minister, Dr Cassiel Ato Baah Forson outlined the tax cuts during his budget presentation in Parliament on Tuesday.
He emphasised the positive impact these measures will have on disposable incomes and business growth.
“Mr. Speaker, we will abolish the 10 per cent withholding tax on winnings from lottery, otherwise known as the ‘Betting Tax; we will abolish the Electronic Transfer Levy (E-Levy) of 1 per cent; we will abolish the Emission Levy on industries and vehicles; we will abolish the VAT on motor vehicle insurance policy; and we will abolish the 1.5 per cent withholding tax on winning of unprocessed gold by small-scale miners,” Dr Forson announced.
The removal of these taxes was intended to ease the burden on households and improve their disposable incomes.
“Mr. Speaker, the removal of these taxes will ease the burden on households and improve their disposable incomes. In addition, it will support business growth and improve tax compliance,” Dr Forson told Parliament.
This move is part of the government’s efforts to address the country’s economic challenges.
The 2025 budget presented in accordance with Article 179 of the 1992 Constitution focused on economic recovery and growth, with a projected total revenue and grants of GH¢42.54 billion.
GNA
BM