Ghana: The more things change, the more they remain the same ----------- Ghanaweb Business News of 29 July 2006: Parliament has given government the approval to abolish ad-valorem tax of 15 per cent on petroleum products. Government has subsequently introduced a specific excise tax, Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning told Parliament, when moving for the Houses approval on Friday. He said the measure would reduce the ex-refinery prices of petroleum products....Today, crude oil prices are nearly 80 dollars per barrel and all expectations are that prices could rise to over 100 dollars per barrel. Mr Bartels noted that since the announcement of new petroleum prices by the NPA on July 20, 2006 the Government through the Ministry of Finance had been working feverishly at what it considered necessary to mitigate the impact of the increase on the public as well as the economy. He said the Government cared about the ORDINARY MAN and was determined to do all that it could to ensure that while the economy grew the living standard of the people also improved. Budget 2015: In addition, Mr. Speaker we propose the following tax measures for implementation in 2015: Imposition of Special Petroleum Tax of 17.5 percent as part of a rationalization of VAT regime and change in the petroleum pricing structure. This policy comes with a mitigation account to manage extremely low and high prices that result in sporadic price increases or decreases under the automatic adjustment formula; • Reversal of excise tax on petroleum from Ad Valorem to specific. #PetrolPolitics
Posted on: Sun, 11 Jan 2015 00:23:11 +0000
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