October 4, 2022

Former Minister of Finance Seth Emmanuel Terkper has admonished Ghanaian businesses not to rejoice yet over his successor’s announcement of no increase in the Value Added Tax (VAT) on Thursday.

Delivering the 2018 mid-year budget review, Finance Minister Ken Ofori-Atta announced in Parliament that the VAT will remain 12.5 per cent.

This was contrary to expectations and claims by many especially the Minority in Parliament that a decision has been reached by the government for an upward adjustment of the Tax.

Many welcomed Mr Ofori-Atta’s announcement with a sigh of relief but Mr Terkper says it is “a retrogressive step and a further mutilation of the VAT regime”.

Tweeting a few moments after the reviewed budget was read, Mr Terpker stated: “It is a VAT increase in disguise”.

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