The NDC says it will stimulate the creation of sustainable jobs by creating an enabling environment for the private sector to thrive when given the nod in the upcoming elections.
National Communications Officer for the Party said the new Mahama administration will achieve this by significantly reducing the cost of doing business through tax cuts.
Speaking at the party’s 14th press briefing WednesdaySammy Gyamfi noted that this will further “enable businesses to plough back their savings, expand and create sustainable jobs.”
“As you may be aware, our continuous decline on the World Bank’s business index under the Akufo-Addo government is mainly as a result of high tax payments.”
Mr Gyamfi also alleged that the Association of Ghana Industries (AGI) and other bodies have had cause to lament the crippling effect of high tax payments on their businesses under this government.
To address this issue, he said the next NDC/Mahama government will provide tax rebates for businesses such as: “a total scrapping of the 25% corporate income tax for small businesses and reducing Corporate Income Tax for medium-scale businesses from 25% to 15%.
Again “newly incorporated medium-scale businesses that employ 20 people and above will also be given a two (2) year Corporate Income tax exemption.
“Youth start-ups and businesses will also be given a two (2)-year tax holiday,” he added.
He further noted that the next NDC government will “reverse the increment in Value Added Tax (VAT) that the Akufo-Addo government has introduced through the backdoor which has made it impossible for businesses to claim Input Tax Credit/refunds on 5% NHI and GETFUND levies.”
The NDC will also “scrap import duty on commercial vehicles and equipment imported into the country for agriculture, or agribusiness or industrial purposes.
“These tax rebates will go a long way to reduce the cost of doing business so that businesses are able to inject the savings into their businesses for the creation of more jobs.
Aside these tax incentives, Mr Gyamfi stated that the next NDC/Mahama government will undertake several productive and transformational initiatives in the private sector to create sustainable jobs with decent wages.