Importers and Exporters Association hints of price increment
The Ghana Importers and Exporters Association has hinted at
price increment on goods and services, following the announcement
of new tax levies. This was in a statement signed by the Executive Secretary,
Samson Asaki Awingobit.
“With the imposition of the Covid-19 Health Recovery Levy which will see
the standard VAT rate adjusted upwards to 19.25% from its previous rate
of 18.125%, consumers must be made aware that such increment will be
applied to goods imported or exported in and out of the country,”
part of the statement read.
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Effective Saturday, May 1, 2021, the Ghana Revenue Authority (GRA)
will implement the 1% COVID-19 Health Recovery Levy.
The new levy, according to the government, will help raise revenue
to support COVID-19 expenditure and will also be an addition
to existing sales taxes.
The statement added that the increment was also as a result of
the Flat VAT rate changes from 3% to 4%, with the increment
being the 1% COVID Levy,
“Based on these, the Importers and Exporters Association of Ghana,
wants Ghanaians to expect a marginal increase in goods imported into
the country by its members, which will be onwardly transferred
to the buyer,” the statement added. The Association lauded a suggestion
by a former Finance Minister, Seth Tekper, for the government to scrap
the said 1% COVID-19 levy in the future when it manages to recoup
monies expended during the pandemic.
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The statement, however, noted: “We wished the said suggestion could have
been implemented by the erstwhile Mahama administration of which
Mr Tekper was the Finance minister when it introduced the
Special Tax Recovery Levy.”