{"id":138515,"date":"2024-01-12T16:44:56","date_gmt":"2024-01-12T16:44:56","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/12\/vat-on-ecg-its-a-no-no-senyo-hosi\/"},"modified":"2024-01-12T16:44:56","modified_gmt":"2024-01-12T16:44:56","slug":"vat-on-ecg-its-a-no-no-senyo-hosi","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/12\/vat-on-ecg-its-a-no-no-senyo-hosi\/","title":{"rendered":"VAT on ECG? It\u2019s a no, no \u2013 Senyo Hosi \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Businessman Senyo Hosi has rejected the Value Added Tax ( VAT) on electricity consumption.<\/strong><\/p>\n<p>The Ministry of Finance has announced that the implementation of the 15% VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units in line with Section 35 and 37 and the First Schedule (9) of Value Added Tax (VAT) Act, 2013 (ACT 870) has commenced.<\/p>\n<p>It started effective 1\u2033 January 2024.<\/p>\n<p>This forms part of the implementation of the Government\u2019s Medium-Term Revenue Strategy and the International Monetary Fund (IMF) Supported Post Covid-19 Programme for Economic Growth (PC-PEG), the Ministry said.<\/p>\n<p>For the avoidance of doubt, a statement issued by the Ministry said, VAT is still exempt for \u201ca supply to a dwelling of electricity up to a maximum consumption level specified for block charges for lifeline units\u201d in line with Section 35 and 37 and the First Schedule (9) of Act 870.<\/p>\n<p>\u201cThe Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) are, hereby, requested to liaise with the Ghana Revenue Authority (GRA) to ensure that the implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units takes effect on 1 January 2024, in line with Sectio35 and 37 and the First Schedule (9) of Act 870,\u201d it said.<\/p>\n<p>\u201c By a copy of this letter GRA is requested to ensure that it liaises with ECG and NEDCO for the transfer of the revenues collected from the implementation of VAT on the subject matter as part of its domestic VAT collections,\u201d it added.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/01\/finace-212x300.jpg\" alt=\"VAT on ECG? It's a no, no - Senyo Hosi\" class=\"wp-image-343587\" title=\"VAT on ECG Its a no no Senyo Hosi\"\/><\/figure>\n<p>Commenting on this on his X platform, Mr Hosi said \u201cVAT on ECG? A total No No. We have a demand shortfall vs supply capacity. Increasing rates less carefully will push many to go off-grid and opt for solar etc.<\/p>\n<p>\u201cWe legitmise price increases in an already difficult economy. Stage is setting for social upheavals.\u201d<\/p>\n<p>Also, the Executive Director of Africa Centre for Energy Policy (ACEP), Benjamin Boakye, while<strong>\u00a0c<\/strong>ommenting on this matter on his X platform, Mr Benjamin Boakye said \u201cYour haircut will not be the same in 2024. Meanwhile, only a few honest ones Will pay their bill, and ECG will discretionary abuse whatever is collected.\u201d<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/01\/ben-boakye-1-260x300.png\" alt=\"VAT on ECG? It's a no, no - Senyo Hosi\" class=\"wp-image-343595\" title=\"VAT on ECG Its a no no Senyo Hosi\"\/><\/figure>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Businessman Senyo Hosi has rejected the Value Added Tax ( VAT) on electricity consumption. The Ministry of Finance has announced that the implementation of the 15% VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units in line with Section 35 and 37 and the First Schedule [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":138516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-138515","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>VAT on ECG? 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