The Finance Minister has proposed in the 2023 budget presentation an increment in the Value Added Tax (VAT) by 2.5 per cent.
The commonplace VAT rate is 12.5%, apart from provides of a wholesaler or retailer of products, that are taxed at a complete flat rate of three%.
The proposal to extend the rate varieties a part of the seven level agenda to revitalize the economic system, the Finance Minister instructed Parliament on Thursday November 24.
He additionally introduced that the federal government will undertake main structural reforms in the general public sector.
Regarding the financial challenges, he instructed Parliament that the federal government was decided to alter the narrative after admitting that the nation has been going by troubles.
“The government is determined to change the negative narrative and rebuild for a better future,” he stated.
By Laud Nartey|3news.com|Ghana