Pulse.com.gh logo

Increment alert Fresh taxes to be levied on petroleum products

  • Published: , Refreshed:

The Minority in Parliament has hinted that government intends to impose fresh taxes on petroleum products.

The Minority in Parliament has hinted that government intends to impose fresh taxes on petroleum products.

They say a new bill that has been presented to the House seeks to introduce a number of taxes including the ‘recovery margin’. The bill is likely to be passed before the House goes on recess on Friday July 24, 2015.

Minority spokesperson on Finance, Dr. Anthony Akoto-Osei told Joy News the margin will eventually increase the tax component on petroleum products when passed.

“In Parliament we [Minority] can only speak our minds. But when it comes to vote [on bills presented to the House] the Majority will vote [pass it]”, Dr Akoto-Osei lamented.

Click here for more

He said the new bill is part of a clandestine plan by government to burden the Ghanaian with petroleum taxes.

“The current [petroleum deregulation] law allows the NPA to set the ceiling, but if you listen to government it is as if the BDCs are the ones supposed to do it. That would be illegal…as we speak… there is an attempt by government to change the [pricing] formula…there is an attempt to increase levies on petroleum prices”, Dr Akoto-Osei said.

The Minority also expressed concern about existing taxes on fuel which, according to them, should have been removed.

“Why do we still have the ‘Exploration Levy’ in the petroleum price? We used it to give it to GNPC but now we give it to through the ABFA [Annual Budget Funding Amount], so why is there still exploration levy?” he asked.

According to the Minority, government would need to bring clarity on what appears to be hidden taxes in petroleum pricing.

Click here for more

Source: myjoyonline.com

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
2 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
3 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana,...bullet
4 Accra Shops GAME store finally arrives at West Hills Mallbullet
5 Special Prosecutor Here’s why Martin Amidu can’t work...bullet
6 Finance Meet the 5 richest, most successful self-made women in...bullet
7 How to create a verified PayPal account Learn how to create...bullet
8 Kweku Adoboli Rogue banker denies saying Ghana is worse...bullet
9 How to create an NGO in Ghana How to register and start...bullet
10 Ghana-Chinese Relations 6 reasons why the StarTimes...bullet

Top Videos

1 Plane Crash Starbow suspends operations following plane crashbullet
2 Selorm Adadevoh MTN CEO dances Agbadzabullet
3 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
4 Former Capital Bank staff grills pork for survivalbullet
5 Support Finance minister buys Kantanka carbullet
6 Forbes 2018 Africa's billionaires rich listbullet
7 Money Alert Meet Africa's richest womanbullet
8 Bozoma Saint John 10 quotes from Uber top official,...bullet
9 New Phone Nokia’s MWC 2018 event in 7 minutesbullet
10 Dr Joseph Siaw Agyepong Nobody can collapse my company...bullet