Citi Business News<\/strong>, it will introduce specific schemes\u00a0to\u00a0move\u00a0the informal sector into tax net.<\/p>\nAccording to the Secretary General of the TUC, Kofi Asamoah, government must be innovative in expanding the tax base of the country.<\/p>\n
\u201cWe\u2019ve met the advisor on tax to the minister and of last we\u2019ve realized there have been several taxes and it\u2019s important to let everybody know that there is a limit to what we can pay. If you over tax us, you will be definitely be depriving us of our livelihood. Times are very hard,\u201d he noted.<\/p>\n
Government has clarified that the implementation of the new VAT charges next month does not mean a 17.5 per cent increase in the cost of banking services that attract the levy.<\/p>\n
The 17.5% charge on some 32 financial services has generated huge public controversies, with the business community and bank customers expressing loss of confidence in banking.<\/p>\n
According to the business community, this coupled with current economic challenges will increase their cost of production.<\/p>\n
But a Tax Policy Advisor at the Ministry of Finance and Economic Planning (MOFEP), Dr. Larbi Siaw told Citi Business News,<\/strong> people have a wrong impression about the new VAT tax regime.<\/p>\nHe said: \u201cWhat I want to emphasis is that the basic individual or the consumer has been protected all through; the business community is already paying, so this is an opportunity to have the input \u2013output set off\u2026we can assure them that the overall impact is not 17.5%, it is less.\u201d<\/p>\n
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By: Rabiu Alhassan\/citifmonline.com\/Ghana<\/p>\n
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The Trades Union Congress (TUC) is warning government that there is a limit to how much workers can bare with the increasing taxes in the country. Government has come under severe criticism over the implementation of new tax regimes with the latest being the yet to be implemented 17.5% Value Added Tax (VAT) on some […]<\/p>\n","protected":false},"author":5,"featured_media":27966,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[21,4],"yoast_head":"\n
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