General News of Mon, 16 Jul 20188
Akufo-Addo calls for emergency cabinet meeting over tax increment
The President, Nana Addo Dankwa Akufo-Addo has called for an emergency cabinet meeting on Tuesday, July 17, 2018, over possible tax increment in the next budget review.
The meeting according to the Deputy Minister of Finance, Kwaku Kwarteng will look at options for raising additional revenue to fund the many social policy interventions rolled out by the government to boost revenue.
It will also look at which areas the increment will affect.
There have been speculations that government might increase the VAT rate from the current 17.5% to 21%.
Government is also seeking to increase the 2.5% NHIS levy on VAT to 3.5%, which is set to be announced in the mid-year review budget, Thursday.
The Deputy Minister who was speaking in an interview with Kwami Sefa-Kayi on Monday's edition of 'Kokrokoo' confirmed that the Akufo-Addo led government will increase the VAT rate to improve some aspects of the economy.