The Chamber of Petroleum Consumers (COPEC) has threatened to hold a nationwide demonstration against the government if it fails to reduce petroleum prices within a week. COPEC made this known Wednesday, February 7, 2018 after a protest that saw a swarm of people converge to demand fuel price reduction. A litre of petrol currently sells … Read more
A new tax regime came into effect from March 31, 2017, following the amendment of some tax laws. Changes to the tax system follows the repeal of the Customs and Excise (Petroleum Taxes and Petroleum Related Levies) Act of 2005, Act 685, and amendment of the Special Petroleum Tax Act, 2014 (Act 879). Following the … Read more
The Institute for Energy Security (IES) has predicted a further drop of fuel prices by about 2% in the 1st pricing window of April. The Institute believes the drop could be attributed to the removal of Excise Levy and the review of the Special Petroleum tax which has been moved from 17.5% to 15% by … Read more
Prices of petroleum products are expected to fall further in the first pricing window of April, the Institute for Energy Security (IES) has said. Already, the prices have been reduced by oil marketing companies at the pumps twice in the second pricing window of March. The first reduction is attributed to “favourable market indicators” as … Read more
Alhaji Collins Dauda, Member of Parliament for the Asutifi South has stated that the government of the New Patriotic Party had a duty to reduce the prices of petroleum products following the amendment of the legislation relating to levies in the industry. His request follows Parliament’s approval of four amendment Bills to scrap taxes as … Read more
Citi Business News’ checks at fuel stations have revealed that major Oil Marketing Companies (OMCs) have reduced the prices of their products for the second consecutive time this month; March. The reduction is in line with the recent tax cuts announced by the government in the 2017 budget. The OMCs earlier in the second pricing … Read more
It also abolished the excise duty in the customs and excise Act The National Petroleum Authority (NPA) has directed Oil Marketing Companies (OMCs) to review fuel prices downwards to reflect the removal of some taxes on petroleum products by the President Nana Akufo-Addo administration. Government through parliament amended the Special Petroleum Tax Act and reduced … Read more
Finance Minister, Ken Ofori-Atta, has submitted to Parliament Tuesday amendment bills of some laws to allow for government’s tax cuts. The bills include the Income Tax (Amendment), Special Petroleum Tax (Amendment), Special Import Levy (Amendment), and a repeal of the Custom and Excise (Petroleum Taxes and Petroleum Related Levies). The government on March 2 announced … Read more
Former Deputy Finance Minister, Ato Forson’s comments following the removal of taxes on spare parts has angered some spare parts dealers at the Suame Magazine in Kumasi. They are threatening a demonstration against him if he does not retract and apologise to them. The Member of Parliament for Ejumako suggested the abolishing of import duty … Read more
The Chamber of Petroleum Consumers (COPECGH) has charged relevant authorities in the country to ensure that unreasonable fuel price increments are curtailed. According to a press release signed and released by the Executive Secretary of COPECGH, Duncan Amoah, “The current spate of fuel price increases is simply unsustainable and must be a top priority for … Read more
Thursday March 2 is a day many in Ghana will remember for a long time to come. It was the day the country’s Finance Minister, Kenneth Ofori-Atta, presented the Akufo-Addo-led administration’s first budget statement. It was a statement that touched the chords and nerves of many who had eagerly anticipated its reading. The finance minister … Read more
Government yesterday announced in Parliament that it has abolished some 11 taxes it termed ‘nuisance’ taxes and reviewed four other taxes, which were negatively affecting businesses in the country. Kenneth Ofori-Atta, Minister of Finance, who was delivering the 2017 Budget Statement and Economic policy, said the move was aimed at lessening the burden on consumers … Read more
AUTO (spare) parts dealers across the country will soon heave a sigh of relief after the announcement by the Minister of Finance, Ken Ofori-Atta, of government’s decision to abolish import duties on spare parts and seven other taxes. The finance minister described many of the taxes as ‘nuisance taxes,’ thus their removal. This, he noted, will … Read more
The decision by the Akufo-Addo-led government to scrap market tolls imposed on itinerant head porters (Kayayei), as announced by Minister of Finance Ken Ofori-Atta in the government’s first budget statement, is deceptive because such a tax does not exist, Dr Benjamin Kunbuor, former Member of Parliament for Nandom, has said. The toll is among several … Read more
Former Finance Minister, Seth Terkper is warning of dire repercussions on Ghana’s economy given the reduction of taxes by the Akufo-Add led government. According to him, the reduction will only encourage smuggling and deprive government of needed taxes for development. His comment comes after Finance Minister, Ken Ofori-Atta while delivering the 2017 Budget in Parliament … Read more
The business community in Ghana will heave a sigh of relief following government’s announcement of key taxes it has abolished, while others have been reviewed. The cancellation of the taxes, most of which affects businesses in the aviation, finance and real estate industries, are aimed at providing a friendly environment for businesses in the country. … Read more
The decision by the Akufo-Addo-led government to scrap market tolls imposed on itinerant head porters (Kayayei) as announced by Minister of Finance Ken Ofori-Atta in the government’s first budget statement, is deceptive because such a tax does not exist, Dr Benjamin Kunbuor, Member of Parliament for Nandom, has said. The toll is among several taxes … Read more
The Akufo-Addo government has resolved to scrap market tolls paid by itinerant head porters (Kayayei), Finance Minister Ken Ofori-Atta has announced to parliament in the new administration’s first budget. The toll is among several taxes lined up by the government to be scrapped completely or reduced so as to bring relief to the ordinary Ghanaian … Read more
Finance Minister, Ken Ofori-Atta today presented the 2017 Budget and economic statement to the house of parliament. The presentation of the first ever budget delivered under the Akufo-addo’s led administration saw some promises of the NPP rolled out to help boost the economy and strengthen the confidence of investors in the country. The Finance Minister … Read more
The Financed Minister Ken Ofori Atta has announced major tax cuts in government’s first budget presented to Parliament today, Thursday March 2. The tax cuts are in fulfilment of promises made by the Akufo-Addo-led government ahead of the 2016 elections. In some cases the government has completely abolished some taxes introduced by the previous Mahama … Read more