The Ghana Union of Traders’ Associations (GUTA) has expressed optimism about the upcoming 2025 Budget Statement, expecting a business-friendly approach from the new government.
GUTA President, Dr. Joseph Obeng, outlined several key expectations from the budget, including the scrapping of nuisance taxes, restructuring of the Value Added Tax (VAT) to make it simpler and more affordable, and pegging the Bank of Ghana Dollar Rate quarterly or bi-annually for duty payment at the ports.
The association also urged the government to introduce unconditional tax amnesty programs to broaden the tax base and encourage non-tax businesses to register. Additionally, GUTA called for effective education, monitoring, and enforcement of compliance measures.
Other expectations include the implementation of a fixed tax system for spare parts, as promised in the government’s manifesto, and policies to stabilize the local currency, reduce inflation and interest rates, and improve other economic indicators.
Dr. Obeng emphasized the need for proper scrutiny and evaluation of government expenditure to avoid waste and misappropriation of public funds, ensuring value for money and making tax payments meaningful.
GUTA’s expectations are seen as a significant test for the new government’s commitment to creating a business-friendly environment and promoting economic growth.
