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In a move aimed at reducing the financial strain on households and businesses, the government has announced plans to eliminate several taxes in the 2025 budget.
Finance Minister Dr. Cassiel Ato Forson detailed the proposed tax cuts during his budget presentation in Parliament, emphasizing their potential to enhance disposable incomes and stimulate 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 these tax cuts are designed to alleviate financial pressures on individuals and businesses while encouraging greater tax compliance.
“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.
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