The Minority Leader in Parliament, Dr Cassiel Ato Forson has disclosed that Ghanaians should get ready to pay 5% Value Added Tax (VAT) on buildings.
He described the ruling New Patriotic Party government led by Nana Addo Dankwa Akufo-Addo as insensitive and heartless, despite the hardships the citizens are facing and the fact that they keep overburdening citizens with taxes.
“As you may be aware, the insensitive Akufo-Addo, Bawumia government is also seeking to introduce a new raft of draconian tax measures on the already impoverished Ghanaian on the back of the 2024 budget,” he said.
Speaking at the National Democratic Congress’ (NDC) Moment of Truth press conference on Wednesday, December 6, 2023, held at the party headquarters, he informed the members that they should be ready to pay 5% VAT on any house they buy.
“He [Akufo-Addo] has also imposed a 5% VAT flat rate on residential and commercial real estate. Ladies and gentlemen, Ghanaians should get ready to pay 5% VAT anytime they buy a house from an individual or a real estate company going forward,” he disclosed.
“If this law goes through; the VAT before parliament goes through – if you intend to buy a house, get ready to put 5% aside for President Akufo Addo and Alhaji Bawumia. For every house you buy going forward, you will pay 5% VAT on the quantum of the amount that you are supposed to buy. So if it is GH₵1 million you are buying you will pay GH₵50,000 to President Akufo-Addo and Alhaji Bawumia,” he added.
“These tax measures, which are currently before Parliament, include the following; an imposition of VAT on non-life insurance such as motto or car insurance, marine insurance, fire insurance, building insurance, goods in transit,” he said.
However, the Minority Leader added that VAT will also be imposed on stationery items like paper, pens, textbooks, and domestic airlines among others, implying that if anyone buys a book or takes a domestic flight they would be expected to pay extra.
