27.07.2004 Business & Finance

NHIL not VAT increment - VAT Service

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Aflao, July 27, GNA - The Value Added Tax (VAT) Service, has cautioned its revenue agents not to inflate prices of goods and services as a result of government's imposition of the two-and-half per cent National Health Insurance Levy (NHIL).

Mr Emmanuel Akpaku, Volta Regional Head of the Service, who was speaking at a public forum at Aflao, for the agents, said prices could go up by only a marginal two-and-half per cent when collection of the levy begins on August 1, this year.

Participants were taken through the calculation of the two levies on goods and services and the new VAT Return and Invoice forms. He said the NHIL, which was established by a separate act of parliament, was not an increment in the VAT rate as being speculated. Mr Peter Sagpio a VAT official said the NHIL would generate the seed money for the National Health Insurance Scheme.

Mr Alfred Adjah, a resource person of the Service said the NHIL would not increase the production cost in the manufacture of goods.

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