Ahead of the mid-year budget presentation to Parliament on Thursday, reports are rife that government will increase tax to raise more revenue for the development of the country.
There have been speculations that government might increase the VAT rate from the current 17.5% to 21%.
Others also speculate that government is also seeking to increase the 2.5% NHIS levy on VAT to 3.5%.
Deputy Minister of Finance, Kwaku Kwarteng, on Monday was categorical that government will not increase the existing VAT rate in the mid-year budget as being speculated.
He, however, confirmed government's intention to increase tax but not VAT.
According to him, this will help in generating resources for the economy.
“There will be tax increment but we don’t know which areas will be affected. There will be an emergency meeting tomorrow (Tuesday) to discuss it and to determine what will be taxed,” he said in an interview on Peace FM's morning show ‘Kokrokoo’.
Source: Rebecca Addo Tetteh/Peacefmonline.com
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I can see your vision is blurred. When NPP, NAADA co were claiming Ghana don't need loans & that we have money to do developments and that things are too expensive, thatGhanaians are burden with nuisance taxes where were you. Ojam remember and don't claim any credit for the end to dumsor. NPP came to power at the time NDC had brought in enof equipment to solve the dumsor problem. Tell those claims of NPP solving the dumsor problems to the marines. You peopleshould continue recommissioning, renaming& relaunching projects JDM has already done. Keep tickling youself. Ojam have you asked Freddy blay how he couldn't buy a bicycle for NPP when they're in opposition but 2day he can afford to buy wit buses for NPP. The silent majority will speak again come 2020.
NDC, come for your stone. Ghanaians have short memory. This same NPP government came to power with the promise of reducing taxes. They said NDC was a evil party and by extension, an evil government. What do we see now? All those who voted for NPP, what have you to say? Indeed, NPP came to power by peddling lies and falsehood and floating voters bought in the lies. Those who say their living conditions have changed positively since NPP came to power are those who are stealing Ghana's money.
I want to ask Ghanaians the following questions:- 1. WHERE IS THE MONEY FOR ALL THE DEVELOPMENTS THAT YOU DEMAND OF YOUR GOVERNMENT IS TO COME FROM? 2. NAME JUST 5 DEVELOPED COUNTRIES WHERE THEIR CITIZENS DON'T PAY TAX. 3. NAME JUST 1 COUNTRY IN THE WORLD WHERE THEIR TAX RATE HAS NEVER EVER CHANGED ON ALL GOODS AND SERVICES? 4. IF YOU ARE TO COME OUT OF THE IMF STRANGLEHOLD AND BUILD SUBSTANTIAL CASH RESERVES FOR YOUR COUNTRY TO AVOID ANY FURTHER IMF DEBT, HOW IS THAT TO BE DONE? REMEMBER THAT THE WESTERN WORLD CANNOT CONTINUE BAILING YOU OUT FOR EVER BECAUSE THEY HAVE PROBLEMS OF THEIR OWN. THE WESTERN WORLD AND ALL DEVELOPED COUNTRIES WENT THROUGH SOME VERY PAINFUL CHALLENGES TO GET TO WHERE THEY ARE TODAY. PLEASE READ UP ON ECONOMIC HISTORY AND STOP THESE UNWARRANTED COMPLAINTS INSTEAD COME UP WITH WORKABLE AND APPLICABLE IDEAS THAT WILL MOVE YOUR COUNTRY FORWARD.
if u don't like what NPP is doing, 2020 don't stay away,vote them out!!They cannot deceive Ghanaians to get power and not be shamed!!
No problem, 2020 is around the corner. Nana would continue drawing his salary for the rest of his few years in life. You the MPs will regret for not resisting his bad policies.As for Bawumia,his integrity and trust will continue to dwindle and finally his own party will disown him. Mark it on the wall.
U can increase vat;Haiti will be revisited in Ghana.Mark my words.
Go on increase tax same people over and over. 2020 i will stay in my room and u will see whose votes u will count.
What's contradictory about the two statements? Journalists love creating unnecessary controversy