"Chamber of Commerce: Increasing VAT by 2.5% insensitive"

" Chamber of Commerce: Increasing VAT by 2.5% insensitive \r\nThe Ghana National Chamber of Commerce and Industry (GNCCI) has described the government\u2019s decision to increase Value Added Tax (VAT) by 2.5% in the 2023 Budget as insensitive.\r\n\r\n\u201cFor me, it was insensitive for the VAT to have been increased in these times,\u201d the chief executive of GNCCI, Mark Badu Aboagye, told sit-in host of\u00a0 The Asaase Breakfast Show \u00a0Benjamin Offei-Addo on Monday (28 November).\r\n \r\n \r\n \u201cIn our submission to the Finance Minister before the 2023 budget was read, we made it clear that an increase in any tax will be suicidal in respect to the current state of affairs,\u201d he added.\u00a0 \r\n \r\n \r\n Increment \r\n \r\n\r\nValue added tax\u00a0(VAT) is expected to increase by 2.5 percentage points, the Minister for Finance, Ken Ofori-Atta, has announced last week.\r\n\r\nThe standard rate of VAT is 12.5%, except for supplies for a wholesaler or retailer of goods, which are taxed at a total flat rate of 3%.\r\n\r\nOfori-Atta said the proposal to increase the rate forms part of the government\u2019s seven-point agenda to revitalise Ghana\u2019s economy. \r\n\r\nPresenting the\u00a02023 Budget Statement\u00a0in Parliament on Thursday (24 November 2022), the minister said that the increase in the VAT rate by 2.5 percentage points is \u201cto directly support our roads and digitalisation agenda\u201d.\r\n\r\nHe also announced that the government will undertake major structural reforms in the public sector.\r\n\r\nOfori-Atta said the government is determined to change Ghana\u2019s fortunes and he admitted that the country has been going through difficulty.\r\n\r\n\u201cThe government is determined to change the negative narrative and rebuild for a better future,\u201d the minister said.\r\n\r\n "

"Chamber of Commerce: Increasing VAT by 2.5% insensitive"

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