Parliament has passed the motion for the removal of the VAT on some selected imported pharmaceutical products.
The removal of the 17.5% VAT on such category of medicines completes a promise by Finance Minister, Ken Ofori Atta when he presented the 2017 budget to Parliament in February 2017.
Other taxes that were slashed in the 2017 budget included the 5% VAT on real estate properties, 17.5% VAT on domestic air ticket fares, 17.5% VAT on financial services, among others.
Some analysts have however suggested to government the need to be cautious with the tax cuts so as not to erode revenue sources.
In their arguments, failure to identify pragmatic measures to rake in revenue to cater for the shortfall will be dire for the economy going forward.
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