An Executive Member of Chamber of Pharmacy and Managing Director of Kofikrom Pharmacy Limited, Mr. Kofi Addo-Agyekum has commended President Akuffo Addo’s government for granting 27.5% tax holiday on pharmaceutical products.
According to Mr Addo-Agyekum “the burdens on many Pharmacists have been lessened since 17.5% of Value Added Tax (VAT) and 10% of Duty charges on selected imported pharmaceutical products were wiped out”.
Speaking in an exclusive interview with Kasapa Fm’s Head of Business News, Daakyehene Ofosu Agyeman, Mr Kofi Addo-Agyekum revealed that the government responded positively to the proposal by Chamber of Pharmacy for reduction on pharmaceutical products.
“The chamber of Pharmacy had meetings with various political parties ahead of the 2016 elections and proposed a tax holiday in most of pharmaceutical products and the New Patriotic Party (NPP) gladly accepted it on their manifesto” he added.
Like Oliver Twist, Mr Addo Agyekum called on the government to include additional drugs apart from the 483 finished products that are enjoying tax holidays.
Mr. Kofi Addo-Agyekum revealed that a sub-committee on Chamber of Pharmacy is preparing to reduce prices of drugs by about 30% very soon.
The move, according to the Chamber is as a result of the Minister of Finance, Ken Ofori Atta announcing removal of 17.5% VAT on imported finished medicines as contained in the 2017 budget.