{"id":341628,"date":"2017-08-03T08:00:55","date_gmt":"2017-08-03T08:00:55","guid":{"rendered":"http:\/\/citifmonline.com\/?p=341628"},"modified":"2017-08-03T08:00:55","modified_gmt":"2017-08-03T08:00:55","slug":"retailers-dismiss-price-hikes-over-3-vat-flat-rate","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/08\/retailers-dismiss-price-hikes-over-3-vat-flat-rate\/","title":{"rendered":"Retailers dismiss price hikes over 3% VAT Flat rate"},"content":{"rendered":"<p>The implementation of the 3% VAT Flat rate took off on the 1<sup>st<\/sup>\u00a0of July this year.<\/p>\n<p>Its implementation was however not received well by some business associations.<\/p>\n<p>But a month into the implementation of the scheme,\u00a0<strong>Citi Business News<\/strong>\u00a0visited some business districts in Accra to find out its impact on the prices of goods.<\/p>\n<p>Speaking to Citi Business News, the Chairman of the Ghana Electrical Dealers Association, Mr. Koranteng Asiamah\u00a0said he\u00a0is highly satisfied with the 3 percent\u00a0VAT flat rate.<\/p>\n<p>According to him, the new\u00a0system\u00a0allows for easy tabulation as compared to the 17.5 percent previously charged at the ports.<\/p>\n<p>Another retailer, Mr. Asante who deals in refrigerators at the Opera Square\u00a0couldn&#8217;t agree more.<\/p>\n<p>In his view, the concerns of all the traders have been resolved by this.<\/p>\n<p>\u201cWe the traders don\u2019t really understand book keeping and input and output of products, so with this 3%, we all agree to it because it is very simple and easy to calculate\u201d Mr. Koranteng Asiamah stated.<\/p>\n<p>On the contrary,\u00a0business associations such as the Food and Beverages Association of Ghana as well as the Importers and Exporters Association of Ghana have strongly opposed the implementation of the 3 percent flat VAT Rate.<\/p>\n<p>They had earlier complained bitterly about its implementation and even threatened to increase prices of their goods should government go ahead with the implementation.<\/p>\n<p>But, traders in the Accra Central District say they will only increase prices of goods if charges at the ports go up and the cedi performs poorly against major foreign currencies.<\/p>\n<p>\u201cNothing has changed here. It is only if the harbor duty and the dollar rate is high, then the prices of goods will go up,\u201d Mr. Asante argued.<\/p>\n<p>The Chairman of the Ghana Electrical Dealers Association Mr. Koranteng Asiamah as well as an Executive Member of the Ghana Union of Traders Association (GUTA), Benjamin Yeboah believe importers and retailers who want the tax scrapped have fishy deals going on.<\/p>\n<p>\u201cThey want to rob government that is what I think. For instance, someone will clear 5 containers a year; yet, they always file Nil, meaning they did not sell any goods. So all the goods that they bring where do they get the money? When it\u2019s time to audit their shops too then they panic and it becomes an issue. Government should maintain this 3%.\u201d<\/p>\n<p>&#8211;<\/p>\n<p>By: Jessica Ayorkor Aryee\/Anita Arthur\/ citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The implementation of the 3% VAT Flat rate took off on the 1st\u00a0of July this year. Its implementation was however not received well by some business associations. But a month into the implementation of the scheme,\u00a0Citi Business News\u00a0visited some business districts in Accra to find out its impact on the prices of goods. Speaking to [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":339845,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retailers dismiss price hikes over 3% VAT Flat rate - Citi 97.3 FM - Relevant Radio. 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