In a move aimed at easing the financial burden on individuals and businesses, Finance Minister Dr. Cassiel Ato Forson announced the abolition of several contentious taxes during the presentation of the 2025 Budget Statement in Parliament. Apexnewsgh reports
The taxes slated for removal include the 10% withholding tax on lottery winnings, commonly known as the Betting Tax, and the 1% Electronic Transfer Levy (E-Levy) on electronic transactions. Dr. Forson declared, “We will abolish the 10% withholding tax on winnings from the lottery, otherwise known as the Betting Tax; we will abolish the Electronic Transfer Levy (E-Levy) of 1%.”
Additionally, the government plans to scrap the Emissions Levy on industries and vehicles, as well as the Value-Added Tax (VAT) on motor vehicle insurance policies. Dr. Forson emphasized that these measures are designed to support economic activity and reduce the cost of doing business.
Other tax cuts include the removal of the 1.5% withholding tax on the sale of unprocessed gold by small-scale miners. This move is expected to provide relief to the mining sector and stimulate economic growth.
Dr. Forson assured Parliament that these tax cuts are part of a broader strategy to create a more business-friendly environment and promote economic growth. With these changes, the government aims to make Ghana a more attractive destination for businesses and investors.
Source: Apexnewsgh.com
