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General News of Wednesday, 19 November 2014

Source: Myjoyonline.com

Gov't imposes 17.5% VAT on petroleum products

The government has requested Parliament to approve a bill imposing a Special Petroleum Tax of 17.5 percent on petroleum products.

Finance Minister Seth Terkper made the request when he presented the 2015 budget to Parliament on Wednesday.

After reading the budget for the 2015 financial year, the Minister presented the bill to the Speaker under a certificate of urgency.

The Speaker immediately referred the bill to Parliament’s Select Committee on Finance for consideration.

Joy FM's Parliamentary correspondent, Elton John Brobbey says because the bill was presented under a certificate of urgency; the bill is expected to be passed into law by the close of day today.

The president of Ghana would be waiting to assent it when passed, Minority MP, Mark Asibey Yeboah said.