President must address 3% VAT Flat rate today – Importers

President Nana Addo Dankwa Akufo-Addo must address the concerns raised on the 3% VAT Flat rate when he addresses journalists on Tuesday, July 18, 2017.

This is an expectation by the Importers and Exporters.

The implementation of the 3 percent VAT Flat Rate policy started on July 4, 2017, to replace the previous 17.5% Input-Output VAT computation approach.

The Ghana Revenue Service has said that the new system will reduce the stress involved in tax filing as compared to the previous VAT regime.

Despite this assurance, some players have said that the new regime will lead to double taxation. This has also led to the increase in the price of some products.

But the government has indicated that it will not suspend the implementation of the 3 percent VAT Flat Rate.

READ ALSO: Government will not suspend 3% VAT

The Executive Secretary of the Importers and Exporters Association of Ghana, Sampson Asaaki Awingobit explained that they could have confidence in the government again if the members of the association are exempted.

“When it comes to the 3% VAT flat rate that was implemented about seventeen days ago, I can confidently tell you that it has come to crash all the good things that the government has promised in terms of tax reduction because as I speak to you now consumers are paying higher under this government.”

“The situation will affect most Ghanaians due to the number of goods imported. I will add that it will not only affect goods that are imported but it will also affect import distributors who are also doing distribution of manufactured products in this country,” he warned.

READ ALSO: Prices of goods go up by 20.5%

Awingobit told Accra-based Citi FM that the Ghanaians currently believe the government is not fulfilling its tax relief promise.

“So I will tell you that, they began on a good note but in the last seventeen days with what we saw in our markets it has made Ghanaians confused as to whether we are in a new government that promised tax relief and then better services to the Ghanaian community, or are we still in the old government. We are confused.”

The meeting with journalists is expected to address a wide range of issues. It is the first of its kind since President Akufo Addo assumed office.

President must address 3% VAT Flat rate today – Importers

President Nana Addo Dankwa Akufo-Addo must address the concerns raised on the 3% VAT Flat rate when he addresses journalists on Tuesday, July 18, 2017.

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