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More taxes on petroleum products in the offing

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The Parlia­ment on Wednesday rushed through an emergency Energy Sector Levy Bill (2015) that will impose more taxes on petroleum products after it was laid before them  by the Finance Minister Seth  Terkper.

The new levies, which take imme­diate effect, were strongly opposed by the Minority members who argued that they would impose more hard­ship on the already suffering Ghana­ian.

The Road Fund component of the price build-up is now ?0.40 per litre from the previous ?0.07 per litre.

Also, there is a tax of ?0.05 on diesel and LPG as PSM; ?0.28 on petrol, diesel and LPG as PIS levy; ?0.05 on petrol as PSM; ?0.05 on petrol as recovery margin, ?40.05 on petrol, diesel and ?0.23/kg on LPG as forex under recovery and UPPF at ?0.09 per litre.

According to the Finance Minister, the urgent bill is to restructure, re- nationalize and consolidate energy sector levies to promote the prudent and efficient utilization of proceeds derived from the levies to facilitate sustainable long-term investments in the energy sector.

Minority leader, Osei Kyei-Mensah-Bonsu said the entire bill was vague, adding that Mr Terpker did not give specific reasons for the imposi­tion of the taxes.

Source:http://thebftonline.com/commodities/oil-gas/16607/more-taxes-on-petroleum-products-in-the-offing.html#sthash.XQK8R7aq.dpuf
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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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