Abossey Okai spare parts dealers unhappy with 2.5% increment in VAT rate

Abossey Okai spare parts dealers unhappy with 2.5% increment in VAT rate

Spare parts dealers in Abossey Okai have described as unlucky, the rise in the Value Added Tax (VAT) rate by 2.5%.

Government on Thursday introduced a overview of the VAT rate from 12.5 per cent to 15 efficient January, 2023.

Presenting the 2023 budget to Parliament on Thursday, the Finance Minister said the overview is to straight assist street building tasks and government’s digitization agenda.

The Abossey Okai Spare Parts dealers had earlier cautioned the government that they can’t include any increment in the Value Added Tax.

Public Relations Officer for the Abossey Okai Spare Parts Dealers Association, Eric Nsi noted that the choice will solely worsen the financial hardships of its members.

“Though we had information that something like that will happen, it is quite unfortunate, because we sent a strong signal to government that we are not in a position to receive this…it is only adding up to the economic hardship of the Ghanaian citizenry,” he told JoyNews.

As a part of the discount of government’s expenditure, the Minister additionally introduced a freeze on new tax waivers for overseas corporations and a overview of tax exemptions free of charge zone, mining, oil and fuel corporations.

This transfer, the Association said is commendable because it will cut back competitors with overseas corporations.

“As it stands, we cannot compete with foreign companies. So if he has seen the need to cut down some exemptions on foreign goods, I think that it is laudable.”

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Credit: myjoyonline

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