Business News of 2014-07-28

UNICOF vows to oppose 17% VAT on banking services

The Union of Commerce Industry and Finance Workers say it would oppose any attempts to introduce VAT on some banking services.

Government in June suspended the introduction of the 17 percent tax on some services that banks would be rendering to the public.

General Secretary of the Union John Esiape says the Union’s move has been influenced by the fact that the Ghana Revenue Authority is still running commercials which aim to educate the public on the tax.

He said because services like ATM and SMS would be affected, if customers decide not to use them, banking halls would be choked.

“That also means management would have to increase the number of employees and you can know the ripple effect would be disastrous…most of the services they are talking about they can have serious repercussions on the banking public.”

John Esiape said about only 30 of the population avail themselves to banking services, fearing the introduction of the 17 VAT would affect banks bid increase the percentage.

Source: myjoyonline.com
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