{"id":1258705,"date":"2022-11-26T16:48:30","date_gmt":"2022-11-26T16:48:30","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/26\/abossey-okai-spare-parts-dealers-unhappy-with-2-5-increment-in-vat-rate\/"},"modified":"2022-11-26T16:48:30","modified_gmt":"2022-11-26T16:48:30","slug":"abossey-okai-spare-parts-dealers-unhappy-with-2-5-increment-in-vat-rate","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/26\/abossey-okai-spare-parts-dealers-unhappy-with-2-5-increment-in-vat-rate\/","title":{"rendered":"Abossey Okai spare parts dealers unhappy with 2.5% increment in VAT rate"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"381\" class=\"entry-thumb\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/11\/Spareparts-dealers-LSS4-775x424-1-696x381.jpg\"   alt=\"\" title=\"Spareparts-dealers-LSS4-775x424\"\/><\/div>\n<p>Spare parts dealers at Abossey Okai have described as unfortunate, the increase in the Value Added Tax (VAT) rate by 2.5%.<\/p>\n<p>Government on Thursday announced a review of the VAT rate from 12.5 per cent to 15 effective January, 2023.<\/p>\n<p>Presenting the 2023 budget to Parliament on Thursday, the Finance Minister said the review is to directly support road construction projects and government\u2019s digitisation agenda.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p>The Abossey Okai Spare Parts dealers had earlier cautioned the government that they cannot contain any increment in the Value Added Tax.<\/p>\n<p>Public Relations Officer for the Abossey Okai Spare Parts Dealers Association, Eric Nsi, noted that the decision will only worsen the economic hardships of its members.<\/p>\n<p>\u201cThough we had information that something like that will happen, it is quite unfortunate, because we sent a strong signal to government that we are not in a position to receive this\u2026it is only adding up to the economic hardship of the Ghanaian citizenry,\u201d he told\u00a0<strong>JoyNews<\/strong>.<\/p>\n<p>As part of the reduction of government\u2019s expenditure, the Minister also announced a freeze on new tax waivers for foreign companies and a review of tax exemptions for free zone, mining, oil and gas companies.<\/p>\n<p><strong>ALSO READ:<\/strong><\/p>\n<h3>2023 budget is \u2018Eka mp3 dede\u2019 budget \u2013 Minority Leader [Audio]<\/h3>\n<p><strong>2023 Budget: VAT rate up by 2.5%<\/strong><\/p>\n<p>This move, the Association said is commendable as it will reduce competition with foreign companies.<\/p>\n<p>\u201cAs it stands, we cannot compete with foreign companies. So if he has seen the need to cut down some exemptions on foreign goods, I think that it is laudable.\u201d<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"7vLKLChuDpM\"><iframe loading=\"lazy\" title=\"Review of the 2023 budget - Badwam Mpensenpensemu on Adom TV (25-11-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/7vLKLChuDpM?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Spare parts dealers at Abossey Okai have described as unfortunate, the increase in the Value Added Tax (VAT) rate by 2.5%. Government on Thursday announced a review of the VAT rate from 12.5 per cent to 15 effective January, 2023. Presenting the 2023 budget to Parliament on Thursday, the Finance Minister said the review is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1258709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[6695,5902,226,6697,4306,179,6947,62,4536],"class_list":["post-1258705","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-abossey","tag-dealers","tag-increment","tag-okai","tag-parts","tag-rate","tag-spare","tag-unhappy","tag-vat"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1258705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1258705"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1258705\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1258705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1258705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1258705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}