Business News of 2014-07-08

Union says no to re-introduction of 17 ½ VAT

The Industrial and Commercial Workers Union (ICU), Ghana, has called on the government not to re-introduce the 17 ½ Value Added Tax charges imposed on core and non-core bank services.

In a Resolution copied to Minister of Finance, the ICU said, the law should be abrogated not be re-introduced.

It said, informed sources said there is nothing in the banking system called non-core activities.

The resolution jointly signed by Mr Emmanuel Boateng, Chairman and Mr Solomon Kotei, General Secretary of the Union said proponents of the law did not make scientific assessment about the impact on the people and the economy.

The ICU said when the tax is re-introduced it would erode the purchasing power of workers who are already paying income and other indirect taxes and eventually weaken the economy.

Source: GNA
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