Business

Suspend 3% VAT Flat Rate – AGI

The Association of Ghana Industries (AGI) wants the government to immediately put the implementation of the three percent VAT flat rate on hold.

AGI wants government to get back to the consultation table with stakeholders to address their concerns before going ahead with the implementation.

The VAT flat rate came into force July 1, 2017. Some business groups including the Food and Beverage Producers Association of Ghana have expressed reservations about the reintroduction of the levy.

According to them, it could force businesses to pass on the cost to consumers and lay off workers.

However, the Deputy Finance Minister Kwaku Kwarteng said the introduction of the flat rate is to aid government in plugging loopholes in the generation of revenue in the country.

“I am not surprised the Ghana Union of Traders are comfortable with the implementation of the scheme… For those who are saying they will increase their prices, consumers now have a choice,” Kwarteng added.

He noted based on consultation so far, the reintroduction of the 3 percent Vat flat Rate is a good initiative.

 

 

Source: Starrfmonline.com
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