The Chief Executive Officer of the Ghana Chamber of Commerce, Mark Badu-Aboagye, says now is not the time for government to be increasing Value Added Tax (VAT) rates.
He stated that raising tax rates should have been the last thing the Akufo-Addo-led administration ought to have done given the difficult economic conditions that businesses are experiencing.
Speaking on JoyNews’ PM Express Business Edition, he said, “At this time that businesses are going through difficult situations, the last thing that any manager of an economy would do, is to increase the VAT or the rate of a tax.”
According to the CEO, the structure of the proposed VAT scheme is not in the best interest of businesses.
He explained that the tax increment was counterproductive to the development of the private sector.
Mr. Badu-Aboagye further stated that the measures outlined in the 2023 Budget even though aimed at stabilizing the economy may inadvertently lead to a high unemployment rate.
The CEO explained that due to government’s decision to freeze employment in the civil and public sectors, citizens will heavily depend on the struggling private sector as a source of employment.
“The only hope for those who are looking for jobs is within the private sector. If you are burdening the private sector with taxes and they cannot expand, they are not making profits, what we are saying is that in 2023 the unemployment rate is going to go up”.
Latest Stories
-
Akufo-Addo calls for protection of Ghana’s democratic reputation and identity
23 seconds -
Apple working to fix alarming iPhone issue
2 mins -
‘You won’t win GPL title without your own stadium’ – Bashir Hayford tells Kotoko, Hearts
5 mins -
Ryan Garcia denies using performance-enhancing drugs after beating Devin Haney
18 mins -
We must change phenomenon of moneyed elections – Raymond Atuguba
19 mins -
Accra Lions punished us for not taking our chances – Hearts of Oak assistant coach Abdul Bashiru
22 mins -
Biosafety Authority welcomes court’s dismissal of application seeking injunction on approval of 14 GMOs
33 mins -
Adaklu-Tevikpo murder suspect arrested from hideout
33 mins -
Asante artefacts return: Reawakening of Asante’s Soul
39 mins -
ECG attributes May 1 dumsor to rainstorm
52 mins -
Armed robbers attack Mobile Money agent in broad daylight at Tumu
53 mins -
Ghana to compete for 2024 Olympics ticket in Bahamas World Athletics Relays
56 mins -
COCOBOD workers bemoan effect of illegal mining on cocoa sector
60 mins -
We are unhappy with recent results – Hearts of Oak assistant coach Abdul Bashiru
1 hour -
Why I said Wizkid disrespected Don Jazzy – Macaroni explains
1 hour