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The government has announced plans to abolish several taxes in the 2025 budget to ease the financial burden on households and businesses.
During his budget presentation in Parliament, Finance Minister Dr. Cassiel Ato Forson outlined key tax cuts aimed at boosting disposable incomes and promoting business growth.
Dr. Forson announced that the government will eliminate the following taxes:
10% withholding tax on lottery winnings (Betting Tax)
1% Electronic Transfer Levy (E-Levy)
Emission Levy on industries and vehicles
VAT on motor vehicle insurance policies
1.5% withholding tax on unprocessed gold winnings by small-scale miners
The Finance Minister emphasized that these measures will reduce financial pressure on households, improve disposable incomes, and support business expansion. Additionally, the tax cuts are expected to enhance tax compliance and economic growth.“
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 stated.
