The Finance Minister Ken Ofori-Atta has announced an upward adjustment in a number of taxes in the hope of raising more revenues to execute government’s programmes and policies.
Appearing before the legislature, Mr. Ofori-Atta stated that, with this Mid-Year review, Government is proposing an upward adjustment in the Road Fund Levy, the Energy Debt Recovery Levy; and the Price Stabilisation and Recovery Levy to bring the ratios close to twenty-one percent to help bridge the financing requirements.
“Government proposes to increase the Energy Sector Levies by GHp 20 per litre for petrol and diesel and GHp 8 per kg for LPG, so as to increase the inflows to enable Government issue additional bonds to pay down our energy sector debt obligations. Based on current indicative prices for petrol and diesel this translates to GHp 90 per gallon,” he said.
He further announced that the communication service tax should be increased he tax to nine percent to develop the foundation for the creation of a viable technology ecosystem in the country.
“This will comprise amongst others putting in systems to identify and combat cybercrime, protect users of information technology and combat money laundering and other financial crimes,” he announced.