The Ghana Real Estate Developers Association (GREDA) has described as a “negotiated deal”, the decision by government to reduce the Value Added Tax (VAT) to cover the sale of houses to 5%.<\/p>\n
Government revised in the 2015 budget statement, its decision to slap 17.5% VAT on the real estate sector after serious concerns were expressed by GREDA.<\/p>\n
GREDA petitioned government to find a more effective way of taxing the industry to ensure government and the private sector contribute in closing the housing deficit.<\/p>\n
Citi Business News has learnt GREDA was proposing 4 % VAT during discussions with government.<\/p>\n
The Vice President Paa Kwesi Amissah-Arthur in February,2014 maintained that government was right to tax the real estate sector.<\/p>\n
This was despite concerns from players in the industry that the move could lead to a hike in prices of houses in the country.<\/p>\n
But according to the First Vice-President of GREDA, Patrick Ebo Bonful the latest decision to review the taxes by government is fair.<\/p>\n
“any reduction in taxes is welcome news, …it is fair and in terms of the effect on our figures going forward , we are going to sit with them and see the details as to its implementation” he stated.
\nBy: Rabiu Alhassan\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
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