Finance minister to increase VAT from 17.5 to 21.5

Finance minister to increase VAT from 17.5 to 21.5

- Nana Addo is claimed to be in a fix on either increasing VAT or not

- There are hints of the finance minister increasing taxes from 17.5 to 21.5 percent

- The mid-year budget review is expected to be presented on the 17th of July

The finance minister will be presenting the mid-year budget review on the 17th of July. Already, it has been confirmed that Ken Ofori Attah will be introducing some new taxes and even increase Value Added Tax (VAT).

YEN.com.gh has gathered that VAT will in the coming days be increased from 17.5 percent to 21.5 percent.There are reports that President Akufo-Addo is fiercely against the move to increase taxes.

Inside sources from Myjoyonline.com say that Nana Addo is worried the move to impose most taxes could cause him the 2020 elections especially when the NPP slammed the erstwhile Mahama administration for tax increments.

Finance Minister Ken Ofori Atta and others were said to have made a strong case for more revenue because of a funding gag of some GHC4 billion for the rest of the year.

This includes an electricity bill of some GHC1.2 billion to power suppliers, including Karpower, Ameri, and Aska.

"Others are GHC800 million to equip the Ghana Police Service and get more policemen and women on the streets, and GHC400 million for education as access to free education will significantly increase," Myjoyonline revealed.

READ ALSO: WAEC releases results of 2018 WASSCE

Further revelations show that Nana Addo had tasked the finance minister to find ways of raising revenue than increasing taxes.

Watch: JB Danquah-Adu’s murder: Will His Killer Be Punished? | Ghana trends | Yen.com.gh

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Source: Yen.com.gh

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