In a bid to alleviate financial pressures on households and businesses, the government has announced plans to eliminate several taxes in the 2025 budget.
Finance Minister Dr. Cassiel Ato Forson disclosed these tax cuts while presenting the budget in Parliament, highlighting their potential to boost disposable incomes and foster business growth.
“Mr. Speaker, we will abolish the 10% withholding tax on lottery winnings, also known as the ‘Betting Tax.’ Additionally, we will scrap 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 the sale of unprocessed gold by small-scale miners,” Dr. Forson announced.
He emphasized that these tax cuts aim to relieve financial burdens on households while enhancing tax compliance and supporting economic expansion.
“Mr. Speaker, removing these taxes will ease financial strain on households, increase disposable incomes, promote business growth, and improve tax compliance,” he stated.
