Newly introduced taxes will worsen plight of citizens – Mahama LISTEN
According to him, the taxes “will worsen the plight of the citizenry”.
The government has introduced some new taxes to help it generate additional revenue.
The taxes include the COVID-19 Health Recovery Levy Act, 2021 (Act 1068) which imposes a one percent levy on the supply of goods and services made in the country other than exempt goods or services, the Financial Sector Recovery Levy Act, 2021 (Act 1067) which imposes a five per cent levy on the profit before tax of banks and the Energy Sector Levy (Amendment) Act, 2021 (Act 1064) which imposes an Energy Sector Recovery Levy of GH¢20 pesewas per litre of petrol/diesel and 18 pesewas per kg on Liquefied Petroleum Gas (LPG) and a Sanitation and Pollution Levy of GH¢10 pesewas per litre of petrol and diesel respectively.
COVID-19 levy, taxes on fuel take effect from today May 1 Listen to article
Three of government’s new taxes have taken effect, beginning today, Saturday, May 1.
These new taxes are as a result of the imposition of an Energy Sector Recovery Levy of GHS 20 pesewas per litre of petrol/diesel and 18 pesewas per kg on Liquefied Petroleum Gas (LPG) and a Sanitation and Pollution Levy of GHS10 pesewas per litre of petrol and diesel.
Also taking effect is the COVID-19 Health Recovery Levy Act, 2021 (Act 1068) and the Energy Sector Levy (Amendment) Act, 2021 (Act 1064).
In an earlier statement, the Ghana Revenue Authority (GRA) noted that Parliament had
Ghana loses 6 billion dollars yearly in mining sector Dr Abdallah Ali-Nakyea
April 30, 2021 •
Dr Abdallah Ali-Nakyea
Curbing illicit financial flows will be one of the surest ways for the government to raise money to fund the budget and other development projects, Dr Abdallah Ali-Nakyea, Senior Lecturer of University of Ghana Law School, has said.
He alleged that in the mining sector alone, the government lost $6 billion every year to illicit financial flows through transfer pricing and under invoicing.
Speaking at the Multi-Stakeholder Business Integrity Forum organised by the Ghana Integrity Initiative (GII), the local chapter of Transparency International, Dr Ali-Nakyea, said there would be no need for government to borrow to meet the financial needs of the country if illicit financial flows from the country was nipped in the bud.
Ghana: Press focuses on loss of $6bn yearly to illicit financial flows, others apanews.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apanews.net Daily Mail and Mail on Sunday newspapers.
The new taxes introduced by the government in the 2021 budget are to come into effect in May this year, the Ghana Revenue Authority has announced.
Presenting the budget on behalf of Finance Minister Ken Ofori-Atta, Majority Leader Osei Kyei-Mensah-Bonsu, on Friday, 12 March 2021, told Parliament that the government was introducing a 10p sanitation and pollution levy; and 20p excess power capacity levy, both on the Energy Sector Levy Act (ESLA), with the combined effect being an increase in the ex-pump price of fuel by 5.7 per cent.
Additionally, the government introduced a 1 per cent COVID-19 levy on VAT, Flat Rate Scheme; 5 per cent financial clean-up levy on banks’ profit-before-tax and also considered adjusting road tolls to align with current trends.