The Minister of Finance, Ken Ofori-Atta, has revealed in the mid-year budget review that there will be no increment in the Value Added Tax (VAT), contrary to speculations by many including the minority in Parliament.
The Minister has stated categorically that the VAT rate will still remain 12.5 per cent and the National Health Insurance Levy (NHIL) will also remain 2.5 %, likewise the the GetFund levy.
Mr Ofori-Atta presenting the mid-year budget review, Thursday, July 19, on the floor of Parliament, admonished Members of Parliament (MPs), especially those from the Minority to source economic information from the right places.
He admonished, I’ll also like to advise my friends to stop taking policy directive on economic policies on social media.
A leading member of the New Patriotic Party (NPP) had stated in a suggestive post on Facebook that VAT and the NHIL may be increased to 21.5% in the mid-year budget review.
The Finance Minister himself had suggested in April that government may have to introduce new taxes to increase the revenue base of government to be able to deliver on its promises
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