Vice President Dr Bawumia has said that the country’s tax regime, which has been in place since independence, has failed to rope in a larger number of people into the tax net.
“The current tax regime has been with us since independence, and it has failed us. Many of the wealthy do not pay taxes, including property taxes,” he said.
He further noted that there is too much discretion in the system, which results in corruption. Dr Bawumia said he would champion a regime that is easy to understand, easy to comply with, and easy to enforce and one that is not subject to so much discretion.
He said his administration will introduce a very simple, citizen and business-friendly flat tax regime.
According to him, with the new tax regime, the tax return should be able to be completed in minutes. This, he said, will also simplify our complicated corporate tax system and VAT regime.
The NPP flagbearer also promised tax exemptions for individuals and companies that may have defaulted on their payments to start afresh.
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“To start the new tax system on a clean slate, my government will provide a tax amnesty, a complete exemption from the payment of taxes for a specified period, and the waiving of interest and penalties for up to a certain year to individuals and businesses for failures to file taxes in previous years so that everyone will start afresh,” he said.