The Minister of Finance Ken Ofori Attah has told parliament that there will be no increase in taxes as has been speculated on social media.
Presenting the mid-year review of the 2018 budget in Parliament Thursday, Mr Ofori Attah said though government was not collecting as much as it should, there would be no need to increase taxes.
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“We aren’t collecting as much as we should but that does not mean increasing taxes is the solution. I would like to assure the House that there will be no increase in taxes”, he said.
There are fears government may increase taxes despite a promise by President Nana Akufo-Addo to shift focus from taxation to production.
Fears of a possible increase in VAT from 17.5% to 21.5% followed hints dropped by the president’s nephew, Gabby Asare Otchere-Darko, on Facebook.
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But the Finance Minister has stated categorically that there will not be an increase in VAT.
Mr Ofori Attah further stated that last year, the government abolished numerous taxes, an action that is unprecedented, adding that the gesture shows how the economy has grown.
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“Last year we abolished numerous taxes, that scale of tax reduction had never been implemented before and the evidence shows the economy has responded positively”