A Big Relief? No VAT Increases In Mid-Year Budget Review
Proposed increases in the rate of value-added tax have been frozen, sources close to the government have indicated.
Joy Business sources say Finance Minister Ken Ofori-Atta’s proposals to increase the VAT rate to meet revenue shortfalls were shot down by President Akufo-Addo at an emergency Cabinet meeting.
The president, the sources say, was concerned that any such increases would impose a heavy burden on the general citizenry.
He, therefore, tasked Mr. Ofori-Atta to explore some other innovative revenue-generating measures to bridge the gaps.
Story by Ghana | Myjoyonline.com| MAD