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Business News of Wednesday, 1 August 2018

Source: citibusinessnews.com

Collection of taxes on luxury vehicles starts today

The Ghana Revenue Authority(GRA) is set to commence the collection of taxes on luxury cars from today.

A statement released by the authority explained that the taxes will only affect cars with engine capacity above 2950.

According to the statement, vehicles with engine capacity of 2950 to 3549 capacity will pay GHS1,000 cedis while vehicles with engine capacity of 3550 to 4049 will pay GHS1,500.

Engine capacity above 4049 will pay GHS2,000 cedis.

The Finance Minister announced in the mid-year budget review that government intends to improve revenue mobilization through the policy.

Government is expected to raise about GHS300 million from the taxes on luxury vehicles.

Some economists are optimistic government will meet the target since it already has a database of such vehicles.