Tax Amnesty for Individuals and Businesses in 2025 Under My Government – Dr. Mahamudu Bawumia
Tax Amnesty
Dr. Mahamudu Bawumia, the Vice President of Ghana and presidential candidate for the New Patriotic Party, has pledged to implement tax amnesty in 2025 if elected. He emphasized the need for reform in the country’s tax system, stating that it has remained unchanged since independence and has not been beneficial.
According to Dr. Bawumia, the proposed new tax regime will adopt a flat-rate system aimed at enhancing competitiveness while creating a more business-friendly environment in Ghana. As part of the transition to this new tax system, individuals and businesses will be granted tax amnesty in 2025 under his government.
The tax amnesty initiative is intended to provide relief to taxpayers by allowing them to settle outstanding tax liabilities without facing penalties or interest charges. It also serves as an incentive for compliance with the new tax regime and encourages voluntary disclosure of previously undeclared income or assets.
Dr. Bawumia’s promise of tax amnesty reflects a commitment to tax reform and economic development, with the aim of fostering growth, investment, and prosperity in Ghana. If implemented effectively, it could contribute to simplifying the tax system, reducing administrative burdens, and promoting a more conducive environment for businesses and individuals alike.
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