Ghana’s Finance Minister, Dr. Ato Forson has announced an important step to lessen the financial strain on individuals and companies,the government has declared that it would include the tools required to eliminate a number of taxes in the budget for 2025.
During his budget statement in Parliament, Finance Minister Dr. Cassiel Ato Forson described the tax cuts and emphasized how they will boost discretionary incomes and company expansion.
“Mr. Speaker, we will abolish the 10% withholding tax on winnings from lottery, otherwise known as the ‘Betting Tax’; we will abolish the Electronic Transfer Levy (E-Levy) of 1%; we will abolish the Emission Levy on industries and vehicles; we will abolish the VAT on motor vehicle insurance policy; and we will abolish the 1.5% withholding tax on winning of unprocessed gold by small-scale miners,” Dr. Forson announced.
He added that the goal of removing these taxes is to increase households’ disposable earnings and lessen their financial burden.
“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,” he stated.
Source:Mybrytfmonline.com/Joseph Asare
