• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

No VAT increases in mid-year budget review

18/07/2018
Reading Time: 1 min read
ken ofori atta, 2020 budget, ghanatalksbusiness.com

Mr. Ken Ofori-Atta, Minister of Finance

405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Proposed increases in the rate of value-added tax have been frozen, sources close to the government have indicated.

Joy Business sources say Finance Minister Ken Ofori-Atta’s proposals to increase the VAT rate to meet revenue shortfalls were shot down by President Akufo-Addo at an emergency Cabinet meeting.

The president, the sources say, was concerned that any such increases would impose a heavy burden on the general citizenry.

He, therefore, tasked Mr. Ofori-Atta to explore some other innovative revenue-generating measures to bridge the gaps.

Speculations and their attendant anger, especially on social media, about an imminent three and a half per cent increase in the VAT rate (17.5% to 21%) were rife late last week and the beginning of the week.

Read: Employers ‘frightened’ by taxes, worry VAT hike could wipe out businesses

Close associate of the president Gabby Asare Otchere-Darko’s Facebook asking whether people would support tax increases to enjoy free education, healthcare among others triggered suspicions tax increases were in the offing.

Finance Minister Ofori-Atta appeared to lend credence to the speculations when he dithered in answer to a question whether the VAT rate was going to go up.

Source: Joy Online

Previous Post

Tullow Oil liable for additional €43.7m over Ghana contract row

Next Post

Petroleum hub of West Africa – How competitive is Ghana’s bid?

Related Posts

Taxation vs free market, ghanatalksbusiness.com

Taxation vs. Free Market

31/01/2022
Pensions and Investments magazine for 2021 3rd quarter,ghanatalksbusines.com

Pensions and Investments Quarterly – Vol 2

29/11/2021
Policy rate at 14.5%, ghanatalksbusiness.com

Policy Rate UP – What the new Policy Rate of 14.5% will achieve.

23/11/2021
the 2020 budget, ghanatalksbusiness.com

Take Outs from the 2022 Budget

18/11/2021
2022 Budget, ghanatalksbusiness.com

Budget 2022 reading takes place today, what to watch out for

17/11/2021

E-Commerce as a solution to reduce high unemployment rate in Ghana

17/09/2021
Next Post

Petroleum hub of West Africa - How competitive is Ghana’s bid?

Ghana's exports market, ghanatalksbusiness.com

Food imports cost US$2.4bn annually

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In