The Ghana Union of Traders Association (GUTA) has expressed optimism regarding the upcoming Budget and Financial Statement for 2025. They are urging the government to abolish nuisance taxes and implement policies that promote a conducive business environment.
Key Expectations from the 2025 BudgetIn a statement released on February 26, 2025, GUTA President Dr. Joseph Obeng outlined several key expectations:
1. Abolition of Nuisance Taxes: GUTA calls for the elimination of numerous taxes that hinder business growth.
2. Restructuring of VAT: The Association seeks a simplified and uniform Value Added Tax (VAT) system.
3. Adjustment of Duty Payments: They propose that the Bank of Ghana Dollar Rate for duty payments at ports be adjusted to a quarterly or bi-annual basis.
4. Tax Amnesty Programs: GUTA advocates for unconditional tax amnesty programs to broaden the tax base and assist businesses in normalizing tax obligations.
5. Compliance Measures: Effective education, monitoring, and enforcement should be emphasized.
6. Implementation of Fixed Tax for Spare Parts: They expect the government to pilot a fixed tax system for spare parts, as promised in the manifesto.
7. Economic Stability: The budget should focus on stabilizing the local currency, reducing inflation and interest rates, and improving other economic indicators.
8. Scrutiny of Government Expenditure: GUTA calls for careful evaluation of government spending to prevent waste and ensure value for money.
GUTA’s statement reflects their hope for a budget that supports traders and enhances the business climate in Ghana. As the government prepares to present the annual budget on March 11, 2025, the association remains optimistic that their requests will be considered.
Signed
Dr. Joseph Obeng
President, Ghana Union of Traders Association
