We won’t accept 2.5% VAT hike – Minority

The minority caucus in parliament has said it will not accept any 2.5 per cent increase in Value Added Tax (VAT) as purported to be contained in the budget statement to be presented by embattled Finance Minister Ken Ofori-Atta today, Thursday, 24 November 2022.
Mr Thomas Ampem Nyarko, a member of the finance committee of parliament, served notice while speaking about the minority’s expectation on the yet-to-be-presented budget.
He told the media that this year’s budget statement is full of taxes and nothing more.
“There are also income tax increments and Mobile Money tax increments among others contained in this year’s budget statement,” he said.
“The government's insensitiveness is too high,” he added.
He called on the government to cut down on its "frivolous" expenditure.
Meanwhile, the President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has warned that the association would lead traders across the country to reject any new taxes contained in the budget statement.
According to him, businesses are overburdened with taxes.
He reminded the government of the need to expand the tax net, work on the abuse of the warehousing system, and take a second look at free zone operations.
Source: Classfmonline.com/cecil Mensah
Trending Business
Pay ¢5m bail bond for 'missing' Sedina Tamakloe – Court orders Alex Mould, Gavivina
11:58Africa’s economic growth to outpace global forecast in 2023-2024 – AfDB report
05:02DDE: Gov't agrees with banks to pay 5% coupon for 2023, single rate for 12 new bonds
05:03Asante Gold announces financing of up to US$50m
14:39BoG, Cocobod agree financial investors will rollover maturing cocoa bill
11:17DDE: Bondholders committee to complete work this week
10:25Mobile money transactions hit ¢1.07trn in 2022 from ¢902.5bn of 2021 despite e-levy
12:03Ghana’s debt stock hits ¢575.7bn
11:47Not a single Vodafone staff’ll lose job in share transfer – Telecel
10:10$88bn illicitly flow out of Africa every year – Akufo-Addo
09:49