We don’t expect new taxes in the 2025 budget

President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has told Finance Minister Dr. Cassiel Ato Forson that traders are not expecting any new taxes in the yet-to-be presented 2025 budget.

Speaking on behalf of the business community, GUTA President Dr. Joseph Obeng stressed that while the association understands the need for revenue generation, existing taxpayers should not bear additional burdens. Instead, he urged the government to focus on integrating individuals and sectors currently outside the tax system.

“We’re not expecting new taxes. We’re also not going to be worried when new taxes are tailored to bring in people outside the tax net to pay. That one, we will not be worried. But what we will be worried about is just compounding the taxes on a few of us who pay”, Dr. Obeng stated.

“Expanding the tax net is welcomed. And whichever means they do to rope in a lot more people who are outside the tax net to come in is also welcome news”, He added.

The appeal comes as the government finalizes its 2025 fiscal policy blueprint, approved during a special Cabinet session on Thursday, March 6, and set to be presented to Parliament on March 11.

Minister of Government Communications Felix Kwakye Ofosu reassured citizens that the budget will prioritize the government’s 120-day action plan, including the elimination of controversial levies such as the betting tax and COVID-19 recovery fee.

He emphasized the administration’s dedication to transparency, acknowledging the economic challenges inherited from the previous government while outlining a vision for progress.

“The fiscal policy will reflect the administration’s 120-day pledges, including the removal of the betting tax and COVID levy. Additionally, the budget will outline the financial state inherited by the National Democratic Congress (NDC) government while offering hope and strategic policies for national development,” Ofosu told reporters.

By: Novire Kuuyizie Francis