Business News of 2014-07-09

ICU 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 a 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.