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Who could have imagined that Akufo-Addo would increase VAT ? Ablakwa - www.asempanews.com

Who could have imagined that Akufo-Addo would increase VAT ? Ablakwa - www.asempanews.com

North Tongu Member of Parliament Samuel Okudzeto Ablakwa has expressed shock at the decision by the Akufo-Addo administration to increase the Value Added Tax (VAT) by 2.5 per cent.

The Finance Minister has proposed in the 2023 budget presentation an increment in the VAT by 2.5 per cent.

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%.

The proposal to increase the rate forms part of the seven point agenda to revitalize the economy, the Finance Minister told Parliament on Thursday November 24.

Original Story on: AsempaNews
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