Yesterday, the Ministry of Finance laid a Special Petroleum Tax (Amendment) Bill, 2018 that want to reduce the Special Petroleum Tax of 15 % to 13 % to help reduce the petroleum prices have seen upward adjustment which in recent times.
The immediate past National Democratic Congress (NDC) government in 2016 introduced the Special Petroleum Tax Bill to support revenues generated from fuel prices when crude oil prices were low.
Deputy Minister of Finance, Kwaku Kwarteng laid the new bill to reduce the tax in parliament and referred to the Finance Committee of Parliament for consideration.
The Finance Committee is also predictable to report back to plenary for general consideration and approval.
The Minority NDC members said as soon as the new bill was laid, it was only a window dressing to addressing the high petroleum products prices and that the tax must be completely scrapped for Ghanaians to have respite.
However the Deputy Minister told the press after laying the new bill that the NDC MPs introduced that tax when they were in government.
He said, the initial tax was 17.5 % when it was introduced but was later reduced to 15 % by the NPP government.
Kwaku Kwarteng said that the new rate is fixed and that any additional increase in fuel prices will not affect the rate to help cushion consumers.
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