A Nana Addo government is committed to slashing current taxes imposed on businesses according to the New Patriotic Party’s presidential aspirant.
Meeting the Association of Ghana Industries (AGI) in Accra, Nana Addo made known that he will abolish corporate tax and income tax so businesses which are in shackles can gain freedom to thrive.
He stated he is focused on industrializing the country as base to transform the economy.
He rendered to the captains of industry that Mahama’s government was killing their businesses with numerous taxes yet the funds are squandered adding he would save them “from taxing, taxing and taxing,†so local enterprises and Ghanaian entrepreneurs can make some money and expand their operations.
The NPP’s Manifesto has meanwhile outlined some sources of revenue to counter the tax reductions including:
i. Broadening of the tax base as a result of formalization of the economy;
ii. An increase in tax compliance;
iii. Reduced government expenditure as a result of increased collaboration with the private sector and prioritization of government expenditure;
iv. Savings from the reduction of interest rates paid on the country’s debt stock;
v. increase in oil and gas revenues from TEN and SANKOFA fields;
vi. Elimination of corruption, especially in the procurement of goods and services, which is estimated at about 1.5% of GDP annually, and
vii. Plugging leakages in the administration of public finances. The Auditor General’s Report has indicated that between 2012 and 2014, GH¢5.9 billion of government funds cannot be accounted for.
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