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During the 2016 electioneering campaign, the NPP promised and subsequently implemented the 3% VAT Flat Rate Scheme aimed at improving tax collections.<\/p>\n
The tax is only applicable to Manufacturers and Retailers, however, the new tax regime has been met with fierce opposition from some business owners in Ghana.<\/p>\n
Manufacturers and importers have argued that the tax would result in them paying 3% more at every stage of value addition in production and possibly result in them paying a little over 20 percent at VAT to the state.<\/p>\n
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Related: Reintroduced 3% VAT Flat Rate to raise prices, threaten jobs – worried manufacturers<\/b><\/p>\n
The Ghana Revenue Authority (GRA), however, discounts the claim by the tax will raise prices or hike the cost of doing business.\u00a0<\/p>\n
The GRA has published numerous seculars in a bid to convince skeptics that the tax regime will rather be for the benefit of traders.<\/p>\n
In the video below, Senior Revenue Officer at GRA, Alex Oppong-Opoku, and Chief Revenue Officer,\u00a0Francis Ocran, use illustrations to provide a detailed explanation on current affairs programme, PM Expres<\/b>s that aired Tuesday on the Joy News channel (Multi TV).<\/p>\n