Consumers must brace themselves for a possible increase in the prices of goods and services following the implementation of the government’s three new taxes.
According to the Ghana Union of Traders Association (GUTA), the trading community will definitely pass the new taxes on the consumers in order to stay afloat.
The announcement by GUTA follows the implementation of the three taxes which started on Monday, May 1, 2023.
Speaking in an interview with Accra-based Citi News, the President of the Ghana Union of Traders Association, Dr. Joseph Obeng indicated the trading community has no other option than to pass on the effect of the taxes to consumers considering the current business environment.
“This is going to trickle down on the cost of doing business. This will trickle down to consumers and that may not augur well for all of us. When somebody is going to pay 5 percent on his gross and when somebody is paying 2.5 percent on his gross, it will not be absorbed by the business entity itself, it will be passed on to the consumer,” Dr. Joseph Obeng noted.
He however noted that his outfit will not relent in its efforts to get the government to review the new taxes.
The trading community vehemently opposed the three taxes which include the Excise Amendment Act, 2023; Income Tax Amendment Act, 2023; and the Growth and Sustainability Levy Act, 2023.