The Chairman of the Association of Hotels in the Ashanti Region, Martin Opoku, has asked that parliament not approve the 2.5% VAT included in the 2023 budget by the finance minister as read by the finance minister.
Speaking in an interview with Kwesi Parker Wilson, he said the increase in VAT, if approved, will affect the hotel business, which will cause them to run at huge losses. He added that the current price hikes on the market are already taking a toll on their business, referring to the three-fold increase in diesel prices.
The Finance Minister, Ken Ofori Atta, when he appeared in parliament to present the 2023 budget, announced an increment in VAT.
According to Mr. Opoku, if the VAT increase is approved and implemented, the cost of production will rise as well, resulting in a rise in hotel service rates.
He explained that it could also result in most of their staff losing their jobs, as they may not be able to pay them.
Mr. Martin Opoku, on behalf of the association of hotels in the Ashanti Region, is asking parliament to not approve the proposed 2.5% VAT increase as they approach budget debate.
Source: oyerepafmonline.com/Cindy Adasah Boama
