Business News of 2014-04-30

VAT on financial services must be reviewed – James Avedzi

Chairman of parliament's Finance Committee James Avedzi has admitted that there might be the need for the VAT on financial services to be reviewed.
Mr. Avedzi believes this would address the current controversy on the actual services that the 17.5 percent VAT should cover.
Some lawyers including Ace Ankomah have argued that the current interpretation being given to the tax by finance ministry is not accurate, hence the need for a review.
Mr. Avedzi tells Joy Business these concerns are not misplaced and must be addressed immediately through a regulation.
He suggested that the minister come back to the house to make the distinction as to which products are taxable or not taxable.
“I believe strongly that when they come back to the house with an amendment and that little portion is done, and the Minister of Finance comes with the list of those that would be affected and that would not be affected, that would make it clear,” he said.