2.5 percent VAT increase takes effect today

The 2.5 percent increase in the Value Added Tax (VAT) takes effect from today.

Parliament in November 2013 approved the increased from 12.5 percent to the current 15 percent, inclusive of National health insurance levy.

The approval by parliament was met with fierce resistance from the minority.

Finance Minster, Seth Tekper in presenting the 2014 budget statement explained that proceeds from the increment will be channeled into the infrastructure fund, which will take off in the first quarter of this year.


By: Kwaku Anim Boadu/citifmonline.com/Ghana