President, Dr. Joseph Obeng
The Ghana Union of Traders’ Associations (GUTA) has expressed optimism about the 2025 Budget Statement to be presented by President John Dramani Mahama on Thursday, February 27, 2025.
The association is hopeful that the government’s assurance of reducing the cost of doing business through a streamlined tax system and reduced taxes, duties, and levies will come to fruition.
In a press release signed by its President, Dr. Joseph Obeng on February 26, 2025, GUTA emphasized the need for significant tax reforms and economic stability to support businesses.
Among their key expectations, the traders’ union is calling for the abolition of what they term ‘nuisance taxes,’ which they argue have impeded business growth.
They also stress the importance of restructuring the Value Added Tax (VAT) system to make it more simplified, affordable, and uniform.
One of the major concerns raised by GUTA is the current practice of using the Bank of Ghana’s weekly or biweekly exchange rate to determine duty payments at the ports.
The association suggests that pegging this rate on a quarterly or bi-annual basis would bring more stability and predictability to business operations.
1. “All nuisance taxes will be scrapped to considerably prune down the number of numerous taxes that impede the growth of business in the country.
2. “The Value Added Tax (VAT) will be restructured to be more simplified, affordable and uniform.
3. “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.
4. “We urge the Government to introduce unconditional tax amnesty programmes as a stop-gap measure in its quest to broaden the tax base and to ensure non-tax businesses are enrolled into the tax net and also allow businesses with tax irregularities to normalize their tax obligation to optimize Government revenue mobilization,” part of the press statement said.
Dr. Obeng expressed confidence in the government’s commitment, stating, “We believe that a business-friendly budget will not only reduce the cost of doing business but also create a stable economic environment that fosters growth and prosperity for all traders in Ghana.”
AM/KA
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