GRA to engage importers, exporters over amended VAT structure

GRA amends VAT rate

Prices of goods and services may go up, Awingobit

Suspend the implementation of amended VAT rate, Importers and Exporters Association

Executive Secretary of Ghana Importers and Exporters Association, Sampson Awingobit Asaki, has disclosed that the Ghana Revenue Authority (GRA) is ready to meet them [importers and exporters] over the amended Value Added

Read full article.Tax (VAT) rate.

The stakeholder engagement comes after importers and exporters highlighted some concerns about the amended VAT rate, stating that, they will now pay about 20% of VAT rate instead of the 3% flat rate and 1% as COVID-19 levy.

Importers and Exporters Association also projected a 12% increment in prices of some commodities on the market following the amended VAT rate.

This, Sampson Awingobit Asaki said will lead to an increase in the price of goods and services of about 8 to 12%.

Speaking in an interview with Citi Business News, Mr Asaki called on GRA to suspend the implementation of the amended VAT rate and devise a better strategy to rake in revenue for the country.

“We strongly believe that, with this current flat-rate amendment, it has a cost element between eight and twelve percent which was not well-thought-out. Already the prices of goods have gone high, inflation rate has gone up. Just this morning we are reading that fuel prices will go up by thirty pesewas or so and transportation will be increased by thirty percent," the Executive Secretary of Ghana Importers and Exporters Association said.

" All these become a cost element, and so I strongly believe government should not be in a haste to be influencing everything just like that. The public out there is crying, and so we have called that if anything at all the GRA should suspend that program and let us all come to a round table and discuss the issue. They have seen the needful and have said they are going to call us for a discussion, so we look forward to their call,” he stated.