The Minority in Parliament is projecting the imposition of more taxes on goods and services by the President Akufo-Addo-led government in its mid-year budget presentation on Thursday, July 19, 2018.
For instance, he said Ghanaians should expect an increase in Value Added Taxes (VAT), introduction of a 2.5% Corporate minimum tax irrespective of profit or losses, and the imposition of a 10% excise tax on luxury vehicles with 3.6 engine capacity.
Further to that, the government is seeking to reintroduce the already abolished VAT on Real Estate and an increase in Communication Tax (Talk Tax) from 6% to 12%.
These taxes, the minority noted, are captured in a document the government sent to the IMF some few days ago.
At a roundtable breakfast meeting in Parliament, Monday, the Minority Spokesperson on Finance, Casiel Ato Forson, who read out a document detailing their perspective on the economy said these taxes when introduced will “overburdened” the already “burdened” Ghanaians.
He cautioned the government to be wary of its decisions and be mindful of its pledge made to Ghanaians during the 2016 electioneering campaign.
There are fears government may increase taxes in its mid-year budget review, despite assurances of shifting focus of Economic Management on taxation to production while in opposition.
Reports say government is likely to increase the Value Added TaX (VAT) from 17.5% to 21% and National Health Insurance Levy(NHIL) in its mid-year budget set to be presented to Parliament on Thursday, July 19, 2018.
The minority’s mid-year Economic performance and projections comes ahead of the mid-year budget review to be presented by the Finance Minister to parliament this week.
