28.9 C
Tuesday, May 30, 2023


GUTA hints of price hikes effective May 1

Related stories

We are killing people to get gold – KKD fumes on the use of cyanide in galamsey

Renowned Ghanaian broadcaster, Kwasi Kyei Darkwah (KKD), has once...

Trapped illegal miners can exit on foot – AngloGold

AngloGold Ashanti has denied claims that 300 illegal miners...

Bawumia enters NPP Presidential race

Vice President Dr Mahamudu Bawumia has officially entered the...

NaCCA warns parents against unapproved textbooks on the market

Director General of NaCCA, Prof. Edwin Appiah has asserted...

Mother of former IGP Kudalor’s bodyguard who went missing seeks closure 14-years on

Aggrieved mother of L/Cpl Michael Adamtey Odonkor, bodyguard of...

Parliament declares Assin North seat vacant

Parliament has initiated processes to declare the Assin North...

Family of woman fatally shot by Police boyfriend stages protest outside Kumasi Court

The Asokore Mampong District Court has been greeted by...

Ghana places seventh in UN peacekeeping missions ranking

As of March this year, Ghana has been ranked...

Go and sin no more – SC forgives ‘guilty’ Kpessah-Whyte in contempt case

A lecturer at the University of Ghana, Prof Michael...

You can’t restore economic confidence by mere words – Prof Bokpin to govt

Emphasizing the need for immediate action, economist Prof Godfred...
- Advertisement -

Effective May 1, 2023, prices of some products in the market will go up, according to President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng.

This follows the implementation of three new tax measures by the government, namely the Excise Duty, the Income Tax Amendment Acts, and the Growth and Sustainability Act, which were passed by Parliament despite opposition from the Minority and the business community.

- Advertisement -

Dr Obeng emphasized that since businesses and consumers are interdependent, any challenges faced by businesses will ultimately impact the consumers

Consequently, GUTA intends to pass on the extra costs incurred from the taxes to consumers. He explained that this would likely worsen the current inflation rate, causing more hardship for consumers.

- Advertisement -

“The business that we do, we do not do in isolation, we do with the consuming public so whatever affects the business community, the rippling effect goes to the consumer. As a matter of fact, it’s a cycle, whatever target is being enjoyed by one will be given to the end user and this is what is going to happen.

“So I can foresee that it’s going to compound the inflation that we are even experiencing, and the plight of the consuming public,” he explained in an interview on Joy Midday News on Thursday, April 27, 2023.

- Advertisement -

The GUTA President expressed disappointment in the government for failing to engage with them before implementing the taxes, despite their calls to suspend their implementation.

GUTA had hoped that government would consider possible revisions to the taxes to ease the burden on businesses and allow them to grow.

Nonetheless, GUTA intends to work with its stakeholders in the business community to get its petition for tax revision heard by the government.

“All that we sought was for government to engage with this so that if there could be any possible revision that we can give some respite for the businesses to grow, it would have been very helpful to businesses,” Mr Obeng said.

Companies have until the end of the month to adjust their systems to accommodate the new taxes, according to guidelines released by the Ghana Revenue Authority.

The Excise Duty and the Income Tax Amendment Acts comes into effect on May 1, 2023.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories