Ghana’s Finance Minister Calls for Urgent Reform of VAT System

Finance Minister Dr. Cassiel Ato Forson has called for urgent reforms to Ghana’s distorted VAT system, aiming to ease burdens on citizens and businesses. He highlighted the inefficiencies and complexities of the current structure, indicating it does not function effectively as a consumption tax. Stakeholder engagement is planned for a thorough review in 2025, signaling a shift in policy focus towards improved tax efficiency.

The Finance Minister of Ghana, Dr. Cassiel Ato Forson, has criticized the current Value Added Tax (VAT) system as being “distorted” and in need of urgent reform to alleviate financial pressure on citizens and businesses. In a recent appearance on Joy News’ PM Express, he elaborated that reforming VAT is vital for addressing the inefficiencies present within the nation’s tax framework.

In conclusion, Dr. Ato Forson’s assertion regarding the need for VAT reform underscores the importance of restructuring taxes to relieve economic burdens on Ghanaians. As the government prepares to solicit input for the proposed review in 2025, the impact on businesses and consumers will be closely monitored. The anticipated comprehensive review signals a strategic policy shift aimed at enhancing tax efficiency and reducing financial strain for all stakeholders.

Original Source: www.myjoyonline.com