The Abossey Okai Spare Parts Dealers Association has welcomed the Flat Rate Tax on Spare Parts Imports proposed by the NPP flagbearer, Dr Mahamudu Bawumia.
Describing the proposal as laudable, the association contended that its implementation will inure to the benefit of spare parts dealers. “The proposed flat rate tax is poised to significantly reduce the cost of spare parts, providing much-needed relief to commercial drivers who routinely factor these expenses into transport fares,” the association noted in a statement issued on Sunday, January 11, 2024.
In his national address on February 7, 2024 Dr Bawumia stated, “My administration will introduce a very simple, citizen and business friendly flat tax regime. A flat tax of a % of income for individuals and SMEs (which constitute 98% of all businesses in Ghana) with appropriate exemption thresholds set to protect the poor. With the new tax regime, the tax return should be able to be completed in minutes.”
Man of foresight
Referring to the Vice President as man of foresight, the spare parts dealers expressed gratitude to him for his commitment to the welfare of the spare parts sector, and added that they look forward to witnessing the positive impact of this policy on their business and the nation at large.
Read full statement:
The Abossey Okai Spare Parts Dealers Association expresses its heartfelt appreciation for the visionary proposal put forth by Dr Mahamudu Bawumia, the New Patriotic Party’s presidential aspirant, to implement a flat rate tax on the importation of spare parts into the country.
The Association views this initiative as highly commendable and believes it will play a crucial role in safeguarding the interests of spare parts dealerships nationwide. As an apolitical organization dedicated to the development and enhancement of the spare parts dealership industry, we wholeheartedly accept and support Dr Bawumia’s proposal.
We eagerly anticipate the timely implementation of this policy, contingent upon the New Patriotic Party’s success in breaking the eight-year political jinx come December 7, 2024.
During a forum held on Wednesday, 7th February 2024, in Accra, the Vice President, also the flagbearer of the NPP, announced the party’s commitment to introducing a flat rate tax on spare parts imports.
The Association is committed to collaborating with relevant stakeholders to ensure the seamless implementation of this beneficial tax structure.
The proposed flat rate tax is poised to significantly reduce the cost of spare parts, providing much-needed relief to commercial drivers who routinely factor these expenses into transport fares. By uniting in support of this initiative, we can collectively contribute to the growth and prosperity of the spare parts dealership industry while fostering positive developments in the broader economic landscape.
The Association expresses its gratitude to Dr Mahamudu Bawumia for his foresight and commitment to the welfare of the spare parts sector, and we look forward to witnessing the positive impact of this policy on our industry and the nation as a whole.