In a move aimed at alleviating financial strain on households and businesses, the government has announced plans to introduce the necessary instruments for abolishing some taxes in the 2025 budget.
Presenting the budget in Parliament, Finance Minister Dr. Cassiel Ato Forson highlighted the expected benefits of these tax cuts, emphasizing their role in boosting disposable incomes and fostering business growth.
“Mr. Speaker, we will abolish the 10% withholding tax on lottery winnings, commonly referred to as the ‘Betting Tax’; the 1% Electronic Transfer Levy (E-Levy); the Emission Levy on industries and vehicles; the VAT on motor vehicle insurance policies; and the 1.5% withholding tax on unprocessed gold winnings by small-scale miners,” Dr. Forson announced.
He further explained that eliminating these taxes is part of a broader effort to relieve households and stimulate economic activity.
“Mr. Speaker, the removal of these taxes will reduce the financial burden on households, increase disposable incomes, support business expansion, and enhance tax compliance,” he added.
