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"I should note that on the basis of existing world crude oil prices, the implementation of the two proposed levies for sanitation and pollution as well as to pay for excess capacity charges, would result in a 5.7% increase in petroleum prices at the pump," the caretaker Minister of Finance, Osei Kyei Mensa Bonsu has said when he presented the 2021 budget statement and economic policy of the government in Parliament on Friday, March 12.
According to him, the COVID-19 pandemic has caused additional health spending that far exceeds the government's annual budget for health.
He also announced the suspension of the vehicle income tax for trotros and taxis.
The move, Osei Kyei Mensa Bonsu said is to have a cascading effect on transportation fares under its tax relief programme.
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According to him, small businesses will enjoy the suspension of income tax stamp payments.
He stated that a 30% corporate income tax relief for hotels, restaurants, travel, and tours, as well as the arts, entertainment, and education sectors.
He said a "waiver of penalty and interests on accumulated tax arrears up to December 2020 to reduce cash flow challenges."
He noted that the government is introducing a COVID-19 Health Levy of 1% on Vat, Flat Rate Scheme (VFRS), and a 1% on National Health Insurance Levy (NHIL) as part of revenue measures to help the economy recover.
The MP said the levy "will also assist in the construction of 33 major health projects, the recruitment of more health professionals and agenda 111."