Alexander Roosevelt Hottordze, Member of Parliament for Central Tongu, says Ghana’s business community is pleased with the government’s decision to scrap five taxes in the 2025 budget.
Finance Minister Dr. Cassiel Ato Forson, during his budget presentation in Parliament, highlighted the removal of these taxes, emphasizing their potential to boost disposable incomes and stimulate business growth.
The scrapped taxes include the 10% withholding tax on lottery winnings (commonly known as the “Betting Tax”), the 1% Electronic Transfer Levy (E-Levy), the Emission Levy on industries and vehicles, VAT on motor vehicle insurance policies, and the 1.5% withholding tax on unprocessed gold winnings by small-scale miners.
Speaking on Channel One Newsroom on Wednesday, March 12, Hottordze stressed the relief these tax cuts will bring to businesses, easing financial burdens.
“What the business community should be excited about in this budget is the five killing taxes that were removed,” Hottordze stated.
He added, “Because of the inflationary trend coupled with the too many taxes levied on Ghanaians, prices of commodities have been rocketing, and it’s a headache to the business community.
“So the business community is happy about the tax removal.”
Read also…
