The Deputy Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC) has described the current tax regime as confusing; noting that an improved system will strengthen MASLOC’s operations and sustain businesses.

Obidombie Kwabena Asamoah has, therefore, backed the “simple, business-friendly” tax system with a flat rate policy proposed by the flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia.

During the launch of the party's manifesto, the Vice President had hinted of major reforms to streamline taxes and broaden the tax base for increased revenue mobilization.

• Read also: My government will introduce a very simple and business friendly flat tax regime – Bawumia

In view of this, the Microfinance and Small Loans Centre (MASLOC), as a social intervention aimed at alleviating poverty by generating businesses through skills training, capital support and self-employment, is geared up to tap into the prospects of the new proposed tax and financial systems.

According to the Deputy CEO of MASLOC, Obidombie Kwabena Asamoah, the proposed economic interventions, will help small businesses, including beneficiaries of MASLOC, thrive.

He insists the proposed reforms would bring stability and predictability to the business landscape, benefiting importers and small business owners alike.

“Businesses need predictability. The current tax regime is confusing. For Bawumia to promise to streamline taxes, making it simple, and ensuring a flat rate is the best for us.

“The single predictable rate at the port will help importers to understand and have clear knowledge of charges. These are brilliant ideas that businesses need. Businesses thrive on predictability and the economic policies of Dr Bawumia will ensure stability,” he said.

Mr. Kwabena Asamoah also added that MASLOC plans to enhance the digitalization of its operations to improve efficiency and impact.

“Under MASLOC, there is investment that allows people to create their businesses so they can transition from poverty to low income. I believe that MASLOC will be strengthened to create a large impact on sustainability and we are gearing up for it. We are also instituting digitised systems soon,” he said.