Country Senior Partner at PWC Ghana, Vish Ashiagbor, has stated that the delayed removal of VAT should not be seen as a matter of trial and error but rather a carefully assessed decision.
Speaking on Joy News’ PM Express Business Edition on Thursday, March 13, he explained that while many acknowledge the need for an overhaul of the VAT system, the government is taking a measured approach to ensure that changes are effective and sustainable.
“So I think the tax measures have been carefully thought through and are being carefully assessed,” Ashiagbor stated.
He acknowledged the widespread agreement that the VAT system requires reform but insisted that immediate changes might not have been the best course of action.
“That is why you see, for example, the changes to the VAT regime have not been made immediately.”
Responding to concerns raised by the CEO of the Ghana Chamber of Commerce and Industry, who had expressed disappointment over the delay in VAT relief, Vish Ashiagbor maintained that a rushed approach could lead to unintended consequences.
[embedded content]“Now everybody agrees that the VAT system needs to be overhauled, but that needs to be carefully assessed because, as we’ve already said, it’s a delicate balance.”
He reinforced that the government’s tax strategy is not haphazard.
“I don’t think it’s a trial-and-error thing. I think it’s been carefully thought through.”
According to him, the anticipated revenue increases will require strategic execution.
“The increases that have been projected will take some doing, but if I read the narrative and the initiatives that they’ve put forward, I think it’s possible by suppression of how effective we can get the implementation to run.”
However, Vish Ashiagbor cautioned that while the plans look promising on paper, the real challenge lies in execution.
“On paper, it looks good, but implementation is always the key.”
His remarks highlight the government’s attempt to strike a balance between revenue generation and economic stability, reinforcing that while businesses may have expected immediate relief, careful planning is necessary to avoid negative repercussions.
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