The Importers and Exporters Association of Ghana is urging the general public to embrace themselves for a possible increment in the price of goods and services.
According to the Authority, the prices of goods and services would be revised upwards following the 1% Covid-19 Health Recover Levy implementation by the Ghana Revenue Authority (GRA) on Saturday, May 1, 2021.
In a press statement signed by Executive Secretary, Samson Asaki Awingobit, “the imposition of the Covid-19 Health recovery which will see the standard VAT rate adjusted upwardly to 19.25% from its previous rate of 18.125%,” would also be applicable to goods imported or exported in and out of the country.
The new levy according to the government will help raise revenue to support Covid-19 expenditure.
But this will also be an addition to existing sales taxes, the Association says. Hence the need for consumers to be made aware of the increase in the price of goods and services.
The Authority further noted that the marginal increment in goods imported into the country would be transferred to the consumer.
Meanwhile, the Importers and Exporters Association – Ghana, is also urging the government to reconsider scrapping off the 1% Covid-19 health levy as suggested by former Finance Minister Seth Tekper, should it be able to settle its deficit accrued due to its fight against the pandemic in the near future.
“The Association also commends suggestion by a former Finance Minister, Seth Tekper, for government to scrap the said 1% COVID-19 levy in the future when it manages to recoup monies expended during the pandemic,” it stated.
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