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Government will not suspend 3% VAT
A Deputy Finance Minister, Kweku Kwarteng said the Ministry has no power to freeze the implementation of the 3 percent VAT flat rate.
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This was disclosed by a Deputy Finance Minister, Kweku Kwarteng at the sidelines of the opening of a three-day conference and capacity building workshop on Countering Treaty and Transfer Pricing Abuse in Accra.
He said the Finance Ministry has no power to freeze the implementation of the 3 percent VAT flat rate.
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“We do not have the power to freeze a law that has been passed by parliament. We took this [3percent VAT Flat rate] to parliament, the law was passed.”
He added that consultations were done before the regulation was developed and sent to Parliament.
Kwarteng said he was “confident that the consultations have been adequate and it does not surprise me that you have importers, manufacturers now coming to say we think this flat rate is good. We do not think it will lead to increases in prices.”
The Association of Ghana Industries (AGI) called for a suspension of the policy to allow for further consultation.
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The Food and Beverages Association also cautioned that the tax will be passed onto the customers.
The Minority in Parliament said the Nana Addo-led government was insensitive for seeing to the passage of the law.
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