Although the new Value Added Tax (VAT) rate has taken effect, some businesses in Accra are yet to apply the new rate of 15 per cent on the value of goods and services offered. A visit to some shopping centres in parts of Accra revealed that the businesses were using the old standard VAT rate of 12.5 per cent instead of the new rate which was passed by Parliament in the Appropriation Bill. Some of the shops visited included ShopRite, Telefonica, Barcelos, Mall Pharmacy and Banana Home. The government reviewed upwards the Value Added Tax (VAT) by 2.5 per cent in the 2023 budget statement which the Finance Minister, Ken Ofori-Atta, delivered to Parliament on November 24, 2022. The Finance Minister explained that the review was part of a seven-point agenda to boost the domestic revenues as the increase was expected to yield GH¢2.70 billion, which would be used to augment funding for road infrastructure development. VAT is charged on the supply of goods and services where the supply i...