Just in: Spare parts dealers hint of increase in prices following tax hikes

Spare parts dealers at Abossey Okai says the prices of their goods are like to increase in the coming days.

This was known following the implementation of new taxes introduced by the government.

According to the traders, the 2021 budget have led to an increase in the cost of goods.

They continued by saying this would subsequently be passed on to customers.

The Co-Chairman of the Spare Parts Dealers Association Clement Boateng speaks on the increased levies.

“In the 2021 budget read, there were a number of taxes that were announced and were to take effect from May 1.

As businessmen and women, it will have an impact on us because it affect prices. He continued to say, if taxes are implemented and they affect businesses, it will definitely be the consumers will suffer”.

The decision to introduce new taxes has generated huge controversy. This is because Ghanaians are complaining it will bring hardship on them especially as they are yet to recover from the COVID-19.

Fuel prices have already risen by some 11% last two months and the new taxes could prices rise further.

The Ghana Revenue Authority (GRA) few weeks ago indicates that the 2021 budget will take effect from May 1, 2021.

The taxes include the COVID-19 Health Recovery Levy Act, 2021(Act 1068) which imposes a 1% levy on the supply of goods and services made in the country other than exempt goods or services.

The Financial Sector Recovery Levy Act, 2021 (Act 1067) which imposes a 5% levy on the profit before tax of banks.

Other taxes include the Energy Sector Levy (Amendment) Act 2021 among others.

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