New VAT

Although the new Value Added Tax (VAT) rate has taken effect, some businesses in Accra are yet to apply the new rate of 15 per cent on the value of goods and services offered. A visit to some shopping centres in parts of Accra revealed that the businesses were using the old standard VAT rate of 12.5 per cent instead of the new rate which was passed by Parliament in the Appropriation Bill. Some of the shops visited included ShopRite, Telefonica, Barcelos, Mall Pharmacy and Banana Home. The government reviewed upwards the Value Added Tax (VAT) by 2.5 per cent…