In a significant move aimed at easing the financial burden on households and businesses, the government has announced plans to present the necessary instruments for the abolishment of several taxes in the 2025 budget.
Finance Minister Dr Cassiel Ato Forson outlined the tax cuts during his budget presentation in Parliament, emphasising the positive impact these measures will have on disposable incomes and business growth.
“Mr. Speaker, we will abolish the 10% withholding tax on winnings from lottery, otherwise known as the ‘Betting Tax’; we will abolish the Electronic Transfer Levy (E-Levy) of 1%; we will abolish the Emission Levy on industries and vehicles; we will abolish the VAT on motor vehicle insurance policy; and we will abolish the 1.5% withholding tax on winning of unprocessed gold by small-scale miners,” Dr. Forson announced.
He further explained that the removal of these taxes is intended to ease the burden on households and improve their disposable incomes.
“Mr. Speaker, the removal of these taxes will ease the burden on households and improve their disposable incomes. In addition, it will support business growth and improve tax compliance,” he stated.
