The government has unveiled plans to abolish several taxes in the 2025 budget, a move aimed at easing financial pressures on households and businesses.
During the budget presentation in Parliament, Finance Minister Dr. Cassiel Ato Forson announced the tax cuts, emphasizing their potential to increase disposable incomes and stimulate economic activity.
Among the taxes to be scrapped are the 10% withholding tax on lottery winnings (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 highlighted that these tax eliminations will not only reduce the financial strain on individuals but also support business growth and enhance tax compliance.
“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.
The initiative is expected to provide relief to various sectors while encouraging economic participation and investment.
