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Importers and Exporters Association hints of price increment

Importers and Exporters Association hints of price increment

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.

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.”

 

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