{"id":9501,"date":"2022-12-06T08:07:13","date_gmt":"2022-12-06T08:07:13","guid":{"rendered":"https:\/\/expressnewsghana.com\/2022\/12\/06\/we-will-not-be-part-of-2-5-vat-rate-minority\/"},"modified":"2022-12-06T08:07:13","modified_gmt":"2022-12-06T08:07:13","slug":"we-will-not-be-part-of-2-5-vat-rate-minority","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=9501","title":{"rendered":"We will not be part of 2.5 % VAT rate \u2013 Minority"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>The Minority has bemoaned the introduction of a 2.5 % Value Added Tax (VAT) rate in the 2023 Budget.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Minority at a press Conference on Monday, December 5, 2022, described the hike in VAT rate as punitive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe most punitive amount is the addition of 2.5% VAT which may result in accumulated VAT for Ghana standing at 21.5%,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He added that \u201cInstead of cutting down on non-essential expenditure, we have rather seen an increase with additional spending of GHC82billion. Some of the envisaged expenditure items are entirely wasteful and needless and we demand a cut.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"720\" height=\"480\" src=\"https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/12\/FB_IMG_1670312956480.jpg\" alt=\"\" class=\"wp-image-9500\" srcset=\"https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/12\/FB_IMG_1670312956480.jpg 720w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/12\/FB_IMG_1670312956480-600x400.jpg 600w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2022\/12\/FB_IMG_1670312956480-300x200.jpg 300w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">It would be recalled that during the presentation of the 2023 Budget in Parliament, the Finance Minister, Ken Ofori-Atta announced government\u2019s decision to increase the VAT by 2.5 percent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mr. Ofori-Atta explained that the review is to directly support road construction projects and the digitization agenda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But Mr. Haruna Iddrisu has insisted that the Minority will not accept the 2.5% VAT rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This, he explained, is because President Akufo-Addo protested the introduction of VAT under the NDC-led administration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIn 1995, when the NDC sought to introduce this tax, they [NPP] organised what was referred to as \u2018Kume preko\u2019 resulting in loss of lives of five persons. Where is principle in our body politic? And where do they stand when it comes to morality?\u201d he quizzed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to him, whatever revenue that would be accumulated from the 2.5% VAT rate can be achieved by the government cutting its expenditure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Minority has bemoaned the introduction of a 2.5 % Value Added Tax (VAT) rate in the 2023 Budget. The Minority at a press Conference [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[2329],"class_list":["post-9501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-parliamentary","tag-minority-vat"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>We will not be part of 2.5 % VAT rate \u2013 Minority - Express News Ghana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/expressnewsghana.com\/?p=9501\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We will not be part of 2.5 % VAT rate \u2013 Minority - Express News Ghana\" \/>\n<meta property=\"og:description\" content=\"The Minority has bemoaned the introduction of a 2.5 % Value Added Tax (VAT) rate in the 2023 Budget. 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