The Minority believes the increment will worsen the cost of living of Ghanaians.
ADVERTISEMENT
We'll reject 2.5% VAT increment — Minority
The Minority in Parliament has vowed to resist every effort by the government to increase Value Added Tax (VAT) by 2.5%.
NDC MPs
Recommended articles
According to the Minority Leader, Haruna Iddrisu, President Nana Addo Dankwa Akufo-Addo, and Finance Minister Ken Ofori-Atta have no moral right to increase VAT after he led the demo in 1995 for the same tax increment that claimed five lives.
Speaking at a press conference, he said, "Whilst whittling away the little we have as a country in this intransigent manner, the Akufo-Addo/Bawumia government has decided to pile more hardships on the people of Ghana through the introduction of more taxes in the 2023 budget presented to Parliament."
The proposal to increase VAT forms part of the government's seven-point agenda to revitalize the economy, Ofori-Atta said when he presented the 2023 budget in Parliament on Thursday, November 24, 2022.
ADVERTISEMENT
The standard VAT rate is 12.5%, except for supplies of a wholesaler or retailer of goods, which are taxed at a total flat rate of 3%.
Meanwhile, the Executive Director of Revenue Mobilisation Africa, Geoffrey Ocansey has said the increase in the country's VAT by 2.5% announced by Ofori-Atta is "regressive".
He said the increment in VAT will widen the poverty gap and heap more pressure on Ghanaians who are already overburdened with taxes.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
No lorry fare increase until fuel goes above Ghc23 per litre - GRTCC
Former MASLOC CEO sentenced to 10 years in prison with hard labour for causing financial loss
National service personnel frequently not fully utilized in govt institutions — Nana Addo
Martin Kpebu laments wasting his vote in 2016: 'I thought Akufo-Addo was junior Jesus'
Ghanaian man desperate to escape poverty puts himself up for sale (video)
Ghana's premium cocoa position under threat due to galamsey — COCOBOD warns
Prepare for tough times ahead - Prof Adei warns Ghanaians
NDC poses 35 critical questions to Electoral Commission over stolen biometric devices
