The Ghana Union of Merchants’ Associations (GUTA) has expressed cautious optimism forward of the federal government’s 2025 Price range Assertion, emphasising the necessity for important reforms to scale back the price of doing enterprise.
The Affiliation welcomed assurances from the brand new administration to streamline the tax system and minimize down taxes, duties, and levies, which have lengthy been a burden on the buying and selling neighborhood.
“The peace of mind to ease the enterprise local weather via tax reforms is a step in the fitting route,” GUTA President Dr. Joseph Obeng said.
“Our expectations are clear, and we imagine this funds is a chance to deal with long-standing challenges merchants face.”
GUTA has outlined key expectations from the funds, beginning with the elimination of what it phrases “nuisance taxes.”
The Affiliation believes that scrapping redundant taxes will considerably relieve companies, promote development, and foster a extra aggressive market setting.
Excessive on the record of calls for is the restructuring of the Worth Added Tax (VAT) to make it easier, extra inexpensive, and uniform throughout sectors.
“A reformed VAT system will ease compliance burdens and make operations extra predictable for companies,” Dr Obeng famous.
Addressing considerations over the volatility of the Ghana cedi, GUTA has proposed that the Financial institution of Ghana’s greenback charge—used to find out import obligation funds—be mounted quarterly or bi-annually as an alternative of the present weekly or biweekly changes.
“Frequent modifications within the greenback charge destabilise enterprise planning. Pegging it quarterly will deliver much-needed stability,” the Affiliation emphasised.
GUTA can also be advocating for the introduction of unconditional tax amnesty packages to broaden the tax base.
Such initiatives, the Affiliation believes, will encourage non-compliant companies to enter the tax web and permit firms with irregularities to settle obligations with out harsh penalties.
“This isn’t nearly income mobilization—it’s about giving companies respiration house to recuperate and develop,” Dr. Obeng defined.
On compliance, GUTA is urging the federal government to undertake efficient schooling, monitoring, and enforcement methods to make sure truthful software of tax legal guidelines.
Merchants are additionally wanting ahead to the implementation of a set obligation system for spare elements, a promise highlighted within the governing social gathering’s manifesto.
GUTA believes this pilot venture may ultimately be prolonged to cowl all imported commodities, additional stabilizing import prices.
Financial stability stays a prime precedence for the buying and selling neighborhood.
GUTA is looking for insurance policies that can guarantee the soundness of the native foreign money, cut back inflation and rates of interest, and enhance key financial indicators.
“A secure financial setting is essential for enterprise predictability and development,” Dr Obeng confused.
Past income measures, the Affiliation is urging the federal government to scrutinize and consider its expenditures to forestall waste and mismanagement of public funds.
“We pay taxes to see significant growth. Worth for cash needs to be a guideline in public spending,” Dr Obeng asserted.
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