Vice President Dr. Mahamudu Bawumia
Advocating for a digitalized and cashless economy, Dr. Bawumia emphasized the imperative of incentivizing electronic payment systems, asserting that his proposed abolition of the e-levy would catalyze the realization of a Digital and Cashless Ghana.
“In order to facilitate the transition towards a cashless society, it is imperative that we promote the utilization of electronic payment platforms. To facilitate this transition, my administration will refrain from imposing taxes on digital transactions. Consequently, the e-levy will be eradicated,” Dr. Bawumia proclaimed.
Moreover, Dr. Bawumia disclosed his blueprint for a revamped tax framework under his potential administration, which would encompass the elimination of the emission tax, wagering levies, and the proposed 15% Value Added Tax (VAT) on electricity tariffs, slated for potential implementation by January 2025.
Additionally, he unveiled plans to introduce a simplified and taxpayer-friendly flat tax system tailored to both citizens and enterprises in Ghana, with a particular focus on bolstering support for small and medium-sized businesses (SMEs).
“My administration is committed to implementing a straightforward flat tax regime that is accessible to both citizens and businesses. This will entail the imposition of a uniform tax rate on income for individuals and SMEs, which constitute 98% of Ghana’s business landscape, alongside appropriate exemption thresholds to shield vulnerable segments of society,” affirmed Dr. Bawumia.