The Finance Minister, Ken Ofori Atta has suggested in the 2023 budget presentation an increment in the Value Added Tax (VAT) by 2.5 percent.
The standard VAT rate is 12.5%, except for supplies of a wholesaler or retailer of goods, which are taxed at a total flat rate of 3%.
A 15 percent increment is expected when Parliament approves the budget
The proposal to increase the rate forms part of the seven point agenda to revitalize the economy according to the Finance Minister.
He also announced that the government will undertake major structural reforms in the public sector.
Regarding the economic challenges, he told Parliament that the government was determined to change the narrative after admitting that the country has been going through troubles.
“The government is determined to change the negative narrative and rebuild for a better future,” he said.
