NPP will bring down VAT to 3% – Alan Kyerematen

Former Minister for Trade & Industry, Alan Kwadwo Kyerematen, has told players in the small scale business sector to keep their hopes alive and vote massively for the New Patriotic Party (NPP) in the upcoming general elections in exchange for reduction in taxes.

Mr. Kyerematen who was also in charge of the President’s Special Initiative (PSI) during his days as Minister for Trade & Industry said the NPP when voted into power will reduce the Value Added Tax (VAT) from 17.5% to 3%.

He believes the reduction in VAT will go a long way to assist players in the small scale industry to grow their business and employ more hands to boost the economy.

“What is hurting businesses are high taxes. VAT was pegged at17.5% for small scale businesses. When the NPP came to power, we reduced it to 3%. Now the NDC after so many years have increased it to 17.5%. Nana Akufo-Addo says I should tell you that when you give him the mandate to govern the country, he will reduce VAT to 3% for you”, he noted.

The NPP stalwart made this observation when he joined the party’s 2016 Presidential Candidate, Nana Addo-Dankwa Akufo-Addo to address party supporters and traders at Osu on Wednesday.

He further promised that the NPP will transform the Osu market into an industrial city since most of the traders there are into export business.

“Because most of you are in the export business, if you think this place is too small for you, we will collaborate with you to see how best we can expand this place. In the same way, if you think the place is too small for you, we will look for a bigger place which will be developed into an industrial park for you. If you want to stay here, then we will bring all the amenities here to assist your work,” he noted.