We have so far reduced or abolished 18 separate taxes – Bawumia

Bawumia speaks on economy

Revenue collections have increased, Veep

No broad-based reduction in taxes has been implemented in Ghana since independence, Bawumia

Vice President Dr. Mahamudu Bawumia has stated that the NPP government has so far reduced or abolished 18 separate taxes.

According to him, despite these tax reductions, revenue collections in nominal cedi terms have increased since 2017.

Speaking during the state of the economy lecture, the Vice President indicated, “It is important to point out that notwithstanding the revenue challenges that we inherited when we came to office, we took the decision to reduce taxes in the economy...

In fulfillment of our manifesto promises, we have so far reduced or abolished 18 separate taxes and levies. No broad-based reduction in taxes has been implemented in Ghana since independence.”

The taxes include the abolishment of the 5% VAT/NHIL on real estate, abolishment of the 17.5 VAT/NHIL on selected imported medicines that are not produced locally, abolishment of the 17.5 VAT/NHIL on financial services, abolishment of import duty on the importation of spare parts, abolishment of the 1% special import levy and the abolishment of the 17.5 VAT on domestic airline tickets.

Dr. Bawumia also noted that despite the damages caused by the COVID-19 pandemic the fundamentals of the economy are still strong.