Ghanaian Businesses urged not to inflate prices

The Chief Revenue Officer at the Policy and Programmes Department of the Ghana Revenue Authority, Francis Rockson Ocran has urged the business community not to take advantage of the recent three percent VAT Flat Rate to inflate prices of goods and services.
 
Speaking at the third quarter meeting of the Tema Chamber of the Ghana National Chamber of Commerce and Industry, Mr. Ocran said the three percent VAT Flat Rate has its own mechanism of calculation; explaining that if it is done well the business community will realize that the new flat rate will not have any effect on the prices in the market but rather reduce or stabilize prices.

Mr. Rockson noted that because Ghana is operating a free market economy, the Ghana Revenue Authority does not determine the price of commodities; adding that if any business commodity takes advantage of the VAT flat rate to rate their commodities high they will end up getting themselves out of the market. 

The Chairman of the Tema Regional Chamber of Commerce and Industry, Isaac Yussif Barry said the forum was organized by the Chamber to correct and educate the business community on the appropriation of the VAT Flat Rate.

He expressed the hope that the education acquired will help members to understand the system and better calculate the three percent flat rate to correct the misapplication of the Policy. 

Mr. Barry also asked the government to have a consultative forum at the various regions for the business communities for their inputs before the annual budget is done. 

This he explained will help the government to take critical decisions which will enhance the development of the Country.
 
GBCONLINE