No VAT increases in mid-year budget review

Proposed increases in the rate of value-added tax have been frozen, sources close to the government have indicated.

Joy Business sources say Finance Minister Ken Ofori-Atta’s proposals to increase the VAT rate to meet revenue shortfalls were shot down by President Akufo-Addo at an emergency Cabinet meeting.

The president, the sources say, was concerned that any such increases would impose a heavy burden on the general citizenry.

He, therefore, tasked Mr. Ofori-Atta to explore some other innovative revenue-generating measures to bridge the gaps.