The Finance Minister, Seth Terkper has announced government\u2019s intention to introduce a Special Petroleum Tax of 17.5%.<\/p>\n
The new tax policy will however exclude premix fuel and residual fuel oil for industries.<\/p>\n
He has asked Parliament to approve the bill he presented to House right after presenting the 2015 budget statement on Wednesday.<\/p>\n
[contextly_sidebar id=”ZHPJoOBPTmEVuqw4QNHqRS8R5zLIFO4k”]Mr. Terkper indicated that the bill if approved will help government rake in more revenue from the oil and gas sector.<\/p>\n
According to him, the 17.5% Special Petroleum Tax policy forms part of a rationalization of Value Added Tax (VAT) regime and change in the petroleum pricing structure<\/p>\n
The Special Petroleum Tax is to be accompanied by a Mitigation Account which will manage extremely low and high prices \u201cthat result in sporadic price increases or decreases under the automatic adjustment formula.\u201d<\/p>\n
Ghana is currently negotiating with the International Monetary Fund (IMF) for a bailout and the Fund had hinted that the programme when agreed will target total elimination of petroleum subsidies.<\/strong><\/span><\/a><\/p>\n The Finance Minister stated that the 2015 budget will be unique since it will usher the country into the gas era and Phase II oil-gas production.<\/p>\n The Speaker of Parliament, Edward Doe Adjaho has referred the bill to Parliament\u2019s committee on Finance for consideration.<\/p>\n <\/p>\n <\/p>\n By: Efua Idan Osam\/citifmonline.com\/Ghana![\"B8\"](\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/11\/B8.jpg\")
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