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Minority kicks against 2.5 percent upward review of VAT

The Minority in Parliament has said the government must reconsider the proposed 2.5 percent upward review of the Value Added Tax (VAT).

The minister for finance, Ken Ofori-Atta announced the new rate for VAT last Thursday while presenting the 2023 budget statement in Parliament.

While some traders have kicked against the new VAT, the Ranking Member on the Trade, Industry and Tourism Committee of Parliament, Emmanuel Armah Kofi Buah, believes the policy will worsen the plights of business owners and consumers.

Emmanuel Armah-Kofi Buah, MP for Ellembelle.

Speaking to journalists over the weekend, the Ellembelle MP lamented the hardships already facing Ghanaians due to the cedi’s poor performance against major currencies across the world.

To him, the increase in VAT will have a very bad bearing on consumers because the cost and payment of the tax will be passed on to consumers, increasing the pricing of goods on the Ghanaian market.

“As we discuss the economy and how we get out, the short-term measures are important, otherwise the crises are going to be so much, ” Armah Buah stated.

Meanwhile Ken Ofori-Atta says the new revenue regime, when implemented, will help in the revival of the ailing economy.

 

Source: Myxyzonline.com

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