Government is expected to raise at least 300 million cedis in revenue from the taxing of luxury vehicles.
The Government of Ghana is expected to raise at least 300 million cedis in revenue from the taxing of luxury vehicles by the end of 2018.
This forms part of the new policy measures introduced in the midyear budget review which was read by Finance Minister Ken Ofori-Atta.
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Key among the new policies is the introduction on taxes on luxury vehicles to help bridge the gap in revenue for the first half of the year.
It has now been disclosed that government will rake in at least 300 million cedis in revenue from the new tax policies.
This is according to the Chairman of Parliament’s Finance Committee, Dr. Mark Assibey Yeboah, who added that the revenue will be raised from the levy imposed on luxury vehicles with engine capacity of 3.0 litres and above.
“The annual levy will be paid to the DVLA at the time of renewing the vehicle’s annual road worthy certificate. The estimated revenue to be generated from the levy will be 300 million cedis for the period August to December, 2018,” he told his colleague MPs.
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Over the weekend, Parliament passed all the amendments that will set the taxes in motion, effective next month.