Wednesday, December 1, 2021

Energy Ministry clarifies 14% cut in special petroleum tax  


Communications Director for the Ministry of Energy, Nana Kofi Oppong Damoah, has denied media reports that the Ministry has cut the Special Petroleum tax by 14%

The Ministry of Finance  Wednesday reportedly laid a Special Petroleum Tax (Amendment) Bill, 2018 that seeks to reduce the Special Petroleum Tax of 15 percent to 14 percent to help reduce the prices of petroleum, which in recent times, have seen upward adjustment.

The Special Petroleum Tax Bill was introduced by the immediate past National Democratic Congress (NDC) government in 2016 to shore up revenues generated from fuel prices when crude oil prices were low.

Speaking to Ekourba Gyasi on Atinka AM Drive, Nana Kofi Oppong Damoah refuted  the 14% cut reports , adding that the ministry is rather placing a fixed figure which will amount to 14% of the present day value.

According to him, the initial tax was 17.5 percent when it was introduced but was later reduced to 15 percent by the NPP government.

He said that the new rate is fixed and that any further increase in fuel prices will not affect the rate to help support consumers.

“We are no longer going to calculate it as a percentage, It is going to be a fixed figure,”he  explained.

Ghana |

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