NPP Manifesto Highlights (Promises) - On Economic Stability
These are highlights of promises made by the NPP. The highlights below are referenced from the manifesto.
According to the manifesto, the NPP's plan is to:
1.There will be specific targets for the reduction of government borrowing and debt.
2. NPP government will enact a Fiscal Responsibility Law (FRL) to bring comprehensiveness, accountability, transparency and stability to the entire budgetary process
3. Formalize the economy through the establishment of a national database, using the National Identification System as the primary identifier, with linkages to the databases of institutions such as the Police, National Health Insurance Scheme (NHIS), Passport Office, Immigration, Courts, Ghana Revenue Authority (GRA), and the Driver and Vehicle Licensing Authority (DVLA).
4. Reduce the corporate tax rate from 25% to 20%.
5. Remove import duties on raw materials and machinery for production within the context of the ECOWAS Common External Tariff (CET) Protocol
6. Abolish the Special Import Levy.
7. Abolishing the 17.5% VAT on imported medicines not produced in the country.
8. Abolishing the 17.5% VAT on Financial Services.
9. Abolishing the 5% VAT on Real Estate sales.
10.Abolishing the 17.5% VAT on domestic airline tickets.
11. Reducing VAT for micro and small enterprises from the current 17.5% to the 3% Flat Rate VAT introduced by the Kufuor-led NPP government.
12. Introducing tax credits and other incentives for businesses that hire young graduates from tertiary institutions.
13. Reviewing withholding taxes imposed on various sectors (including the mining sector) that have constrained the liquidity of many businesses.