GUTA warns the public to expect price increases beginning on Monday.

Following the implementation of the Excise Duty and Income Tax Amendment Acts, President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has warned Ghanaians to prepare for an increase in the prices of selected products on the market.

Dr. Obeng noted that because businesses operate in tandem with consumers, the latter stand to be impacted if a business encounters a problem.

Therefore, he indicated that his organization intends to pass on the tax costs to consumers.

"We do not conduct business in a vacuum; rather, we conduct business with the consuming public, so whatever affects the business community has a ripple effect on the consumer."

In actuality, it is a cycle; whatever benefit is being enjoyed by one will be given to the final user, and this will occur.

JoyNews/AdomNews GUTA advises Ghanaians to prepare for a price increase of certain items beginning Monday.

In a Thursday interview with Joy MiddayNews, he explained, "Therefore, I can anticipate that it will exacerbate the inflation we are already experiencing and the plight of the consumer public."

He also expressed his displeasure with the government for approving the tax bills and ignoring the Association's requests to halt their implementation.

Due to the negative effects the new taxes would have on businesses, he stated that the Association anticipated being contacted by the government to discuss the legislation prior to their implementation.

"All we wanted was for the government to engage with this issue so that, if there was any possibility of a revision, we could provide some breathing room for the businesses to grow."

JoyNews/AdomNews GUTA advises Ghanaians to prepare for a price increase of certain items beginning Monday.

Nonetheless, he indicated that in order to obtain the'relief' they desire, GUTA would discuss with its stakeholders [the business community] ways to have its petition for the revision of the tax heard by the government.

On Monday, May 1, the Excise Duty and Income Tax Amendment Acts that were ratified by Parliament take effect.These two taxes and the Growth and Sustainability Act were enacted by the legislature despite fierce opposition from the minority and the business community.

Companies have until the end of this month, according to an implementation guideline published by the Ghana Revenue Authority, to configure their systems to accommodate the implementation of these levies.

The Views, Comments, Opinions, Contributions, and Statements expressed by Readers and Contributors on this platform do not necessarily reflect the viewpoints or policies of Multimedia Group Limited.

Tags: three new levies Dr. Joseph Obeng is the President of the Ghana Union of Traders Association (GUTA).