The government of Ghana, via the 2015 Budget Statement, is asking parliament to approve a bill enforcing a special petroleum tax of 17.5% on petroleum products.
This was revealed by the Minister of Finance, Mr Seth Terkper, on Wednesday � 19th November, 2014 � when presenting the 2015 Budget and Economic Statement before parliament.
�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 rationalisation of VAT regime and change in the petroleum pricing structure�, the Minister of Finance stated.
Presenting the bill under a certificate of urgency for the consideration of parliament�s Select Committee on Finance, Mr Terkper asserted that �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.�
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