The former deputy governor of the Bank of Ghana has been criticizing government for what he described as harsh taxes, especially on industry.
Responding to questions about the specific taxes his government will reduce, Dr. Bawumia said an NPP government under
Nana Addo will reduce corporate taxes for businesses, and also remove what he describes as nuisance taxes, like taxes on solar panel importation, VAT on financial services as well as importation of raw materials.
“ We have done it before. Under the Kufuor administration we reduced corporate taxes from 32% to 25%. We are a government that believes in creating an enabling environment for businesses”, Dr. Bawumia emphasized.
“ I can assure you that the NPP government under Nana Addo will be the most business friendly and people friendly government. Off of the top of my head, I think the corporate taxes are too high and will be reduced, as well as the capital gains taxes. Financial services taxes also do not make any sense. Taxes on importation of solar panels into Ghana don’t also make sense especially when we are dealing with an energy crisis. We are going to take away some of these nuisance taxes.”
“ I will find out exactly why the minority is objecting to the tax waver to MPS, but when I looked at the contract sum
[ $1.5 billion], and the total tax being offered[$835 million] you will find that it is incongruent.”
Dr. Bawumia was speaking on Citi Fm, Friday morning.