The ruling government has been urged to consider the suspension of taxes on petroleum products especially following the increment in fuel prices.
However, President Akufo-Addo has indicated that it will be impossible to reduce or suspend taxes on petroleum products.
“Removing taxes on petroleum products will reduce Government revenues by some four billion cedis (GH¢4 billion). At this time, when we are determined to expand Government revenues in order to increase our capacity to finance our own development, can we afford to reduce tax revenues by four billion cedis (GH¢4 billion)?
Adding that “Government is currently confronted by very tight financing conditions, in the wake of inadequate domestic revenue mobilisation. Indeed, some of the revenues from these same taxes on petroleum products is what is used to pay some of the salaries of some of the seven hundred thousand (700,000) public sector workers on Government’s payroll,” he said.
Adding her voice to this, Deputy Minister of Information, Fati Abubakar says the taxes are insignificant and won't make any difference when reduced.
Speaking on Peace FM's The Platform programme, she said: "the tax component on our petroleum products is not significant. For instance, if you're buying petrol at GHC11 and Diesel at 13, the tax component on it is not even up to GHC3 per litre..."
Listen to her in the video below
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