During the 2025 Budget presentation, the Finance Minister revealed several key fiscal reforms aimed at easing the financial burden on citizens and businesses. One of the major announcements was that the Public Utilities Regulatory Commission (PURC) will undertake significant tariff adjustments in the fourth quarter of the year. This move is expected to impact utility prices, providing some relief to consumers as the government works to stabilize the economy.
In a bold step to reduce taxes, the Minister also confirmed the government’s decision to abolish the betting tax and the controversial e-levy. This decision is seen as a positive move for many Ghanaians who have expressed concerns over the financial strain these taxes have placed on the public. Additionally, the government will eliminate the emission taxes and the Covid-19 levy, which were introduced as temporary measures during the pandemic.
The Minister further announced that the government will also remove the Value Added Tax (VAT) on motor vehicle insurance policies, a change aimed at reducing costs for car owners and enhancing the affordability of vehicle insurance.
These tax reforms are part of the government’s broader strategy to stimulate economic recovery, attract investment, and reduce the financial pressures on citizens. With these changes, the Finance Minister emphasized the government’s commitment to creating a more favorable environment for businesses
Source:Mybrytfmonline.com/Gumedzo Isaac Acheampong
