Vision1 FM                       Light FM                         Light TV

Gov’t imposes new tax on luxury vehicles

Government is set to introduce a new levy on vehicles with engine capacities of 3.0 litres and above.

 

 

This imposition of the new levy will be known as a luxury vehicle tax.

 

The levy, according to government will be paid on first registration and subsequently annually during renewal.

 

This was made known by the Finance Minister Ken Ofori-Atta during the presentation of the mid-year budget review.

 

“Government proposes to introduce a luxury vehicle levy on vehicles with engine capacities of 3.0 liters and above. The levy will be paid on first registration and subsequently at annual renewal,” he said.

 

The Minority Spokesperson on Finance, Cassiel Ato Forson at a Minority Mid-Year budget roundtable had hinted that government will in the mid-year budget review announce excise tax on luxury vehicles (10 % on vehicles with engine capacity above 3.5 capacity).

He had also revealed an increase in the communications service tax (from 6% to up to 12%) and the re-introduction of VAT on financial services which was scrapped in the 2017 budget.

 

Mr. Ofori-Atta however assured that commercial vehicles will not be included in the levy.

 

“Commercial vehicles will be exempted from this policy.”

 

Already, some have questioned the policy explaining that such cars are already paying huge taxes upon importation, and are also forced to drive on bad roads.

 

Car owners and importers are already divided over the policy.

More Lifestyle..

Parliament To Investigate Collapse Of Seven Banks Parliament To Investigate Collapse Of Seven Banks 2018-08-16 - The Finance Committee of Parliament will sit from 5-7 September...
AirtelTigo announces new appointments AirtelTigo announces new appointments 2018-08-16 - AirtelTigo has announced the appointment of new executives to...
Gov’t calls for dialogue with FIFA over suspension threat Gov’t calls for dialogue with FIFA over suspension threat 2018-08-15 - The Government of Ghana has called for further discussions with...
Vice President Bawumia Cuts Sod for Police Housing Project Vice President Bawumia Cuts Sod for Police Housing Project 2018-08-14 - The Vice President of the Republic, Dr Mahamudu Bawumia, has...
Football Icon Ronaldo Admitted In The Intensive Care Unit Of A Hospital At Ibiza Football Icon Ronaldo Admitted In The Intensive Care Unit Of A Hospital At Ibiza 2018-08-13 - Former Brazillian football icon Ronaldo is reportedly in the...

 

More News..

Don’t step in VR – Asogli Council to Freddie Blay Don’t step in VR – Asogli Council to Freddie Blay 2018-08-16 - The Asogli Traditional Council in the Volta Region has declared...
Spio Lobbies For Mahama Running Mate Spio Lobbies For Mahama Running Mate 2018-08-16 - Even before the opposition National Democratic Congress (NDC)...
How Capital Bank Blew GH¢620m; The Inside Story How Capital Bank Blew GH¢620m; The Inside Story 2018-08-16 - It has emerged that Capital Bank collapsed because the bank’s...
TTH Attack: Police release arrested Kandahar Boys TTH Attack: Police release arrested Kandahar Boys 2018-08-16 - The police have released four of the Kandahar Boys who were arrested...
JB’s murder: Court to hear committal proceedings on Sept. 19 JB’s murder: Court to hear committal proceedings on Sept. 19 2018-08-15 - The Magistrate Court in Accra is expected to hear the committal...
There’s no $160m judgement debt over Africa Integras project – UG There’s no $160m judgement debt over Africa Integras project – UG 2018-08-15 - The management of the University of Ghana has debunked reports...
Gov’t calls for dialogue with FIFA over suspension threat Gov’t calls for dialogue with FIFA over suspension threat 2018-08-15 - The Government of Ghana has called for further discussions with...