No increase in VAT – Fin. Minister

Ahead of the 2018 mid-year review, minority in parliament and some session of the general public raised concerns of possibly an increment in the Value Added Tax(VAT).  However the Finance Minister on the floor of parliament  has categorically stated, there will be no increment.

The Minister of Finance, Mr Ken Ofori Atta has announced that there will be no increase in Value Added Tax (VAT) as speculated.

“I will also like to advice our friends [Minority], that we should stop taking directions on economic policy from social media. Mr Speaker, VAT will be maintained at 12 and half percent,”  – Mr Ofori Atta said whilst presenting the mid-year budget review in Parliament on Thursday.

According to him, there will be NO  increment as it was speculated earlier in the public domain and explained that measures are on board to ensure that the country meets its fiscal deficit target of 4.5 percent and ensure that the country exit the International Monetary Fund (IMF) programme.

He explained the measures was to ensure that the country meets its fiscal deficit target of 4.5 percent and ensure that the country exit the International Monetary Fund (IMF) programme.