Business News of Friday, 7 July 2017
The Public Relations Officer (PRO) for the Ghana Union of Traders (GUTA), Joseph Padi has described the brouhaha over the implementation of the 3 percent VAT flat rate scheme as much I do about nothing.
Despite claims by the Minority that the implementation of the scheme was not consistent with existing laws governing Value Added Taxes and as such, its implementation was illegal and should be halted, Mr. Padi disagreed.
The implementation according to him comes as good news for GUTA and will further relieve business and industry players. GUTA see this as good news and will widen the tax net and we will be able to generate more revenue to develop the country.
He added, majority of people lacked understanding of the implementation but after the meeting of stakeholders in Parliament on Thursday, we reached some level of understanding.
The 3 percent flat rate is nothing new; it has been in existence for years but was suspended and has been reintroduced. He also debunked claims that traders have started increasing their wares adding, that is untrue.
We have not increased anything. How can we do that? We never increased our wares when the flat rate was enforced and so why should we do so now after the reintroduction?
He explained that the VFRS closed certain loopholes that was exploited under 17.5 per cent VAT arrangement