VAT Increment Is Nothing New in Ghana – Kweku Baako
Editor-in-chief of the New Crusading Guide has said, VAT increment said to happen days ahead by President Akufo-Addo regime is no news.
With just few days until the Minister of Finance, Ken Ofori-Atta presents the mid-year budget review in parliament, there has been news that government might increase the VAT rate from 17.5% to 21%.
There has been criticism from all over including Former President John Mahama raising concerns from them talking against such initiative, arguing that another increment on VAT would cripple businesses further and also defeat President Akufo-Addo administration to a bad level.
However the journalist speaking on ‘Newsfile’ on Joy fm disagreed with such assertions in the public arguing that, there’s no law refusing the President from increment of taxes.
” This not the first time, increment of taxes is happening in the history of this country. There’s no injunction on Nana Addo related to tax increment. He hasn’t and won’t do anything wrong in VAT increment…
” People criticising the increment should rather seek for measures to abolish it, that will help and not the plenty talks.” – he said.
According to Mr Kweku Baako, he’ll wait patiently and see how high the percentage increment will be, he will oppose against it if is something HUGE. But to him, increment on VAT is no news in the country.
Tax Analyst with Ali Nakyea and Associates, William Demitia has warned that any attempt to increase VAT and the NHIL could lead to an increment of prices of basic amenities.
According to him, NHIL and VAT are consumption-based taxes that affect almost all items sold in the market.
He explained further that “unless government says that the supply of water is exempt from VAT, then we are going to pay more for even water”..
But CEO of the Ghana Investment Promotion Center, Yofi Grant has urged Ghanaians to embrace any increase in taxes since government will provide social interventions to cushion them .