Election 2024: Bawumia reveals his tax amnesty and flat import duty proposal to women importers

The New Patriotic Party (NPP) flagbearer, Dr. Mahamudu Bawumia, has clarified his plan to offer tax relief to companies and implement a single cedi tariff rate in the event that he is elected president.

Dr. Bawumia stressed that he intends to change the country’s tax structure and stop charging import tariffs in US dollars as part of his revolutionary ideas.

In an Accra discussion with a group of female importers, Dr. Bawumia reaffirmed his commitment to putting these rules into effect and provided explanations of how they operate.

Dr. Bawumia continued his explanation by highlighting the complexity of the current tax system, which he characterized as difficult for businesses to understand and burdensome when it came to assessing their transparent tax obligations.

“The current tax system is confusing, and traders struggle to calculate their payments,” remarked Dr. Bawumia. “Additionally, many traders face harassment from tax officials, which should not be happening. Those already paying taxes should not be subjected to regular harassment.”

“I am proposing a new, simplified, and transparent tax system,” Dr. Bawumia stated. “If elected President, I will introduce this new regime in 2025, starting with granting tax amnesty to businesses to provide a fresh start and support for businesses.”

The problem of import tariffs being levied in US dollars, which presents difficulties because of exchange rate changes and greater levies in comparison to nearby nations like Togo, was also covered by Dr. Bawumia.

“To address this, I will introduce a flat duty rate on containers, charged in cedis, ensuring predictability and reducing import duties significantly to match or be lower than Togo’s rates,” he explained.