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Business News of Thursday, 19 July 2018

Source: bbc.com/pidgin

Ghana government announce 'dumelo tax' on luxury vehicles


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Finance Minister reveal say government no increase VAT rate contrary to claims by opposition NDC

Ghana government introduce tax on luxury vehicles wey get engine capacity of 3.0 litres fuel consumption, plus 35 percent income tax on salaries of over Ghc 10,000 monthly.

Some Ghanaians for social media start dey describe di luxury vehicle tax as 'dumelo tax.'

Finance Minister Ken Ofori-Atta make di announcement as he present di mid-year budget review, Thursday, July 19, 2018.

According to Mr Ofori-Atta unless government introduce fiscal measures like new revenue measures, intensive conversion of NHIL (2.5%) to straight levy, conversion of GETFund VAT rate of 2.5% to a straight levy, luxury vehicle tax of GHS1,000 - GHS2,000 for non-commercial luxury vehicles who get 3.0 litres consumption government go end di 2018 year plus 4.9% deficit compared to dema target of 4.5%.






On claims by minority say government want increase VAT Rate from 17.5% to 21.5% from 17.5% to 21.5%, Gabby Asare Otchere-Darko, who be close associate to di President raise di matter for Facebook which chaw Ghanaians oppose.

But according to di Minister of Finance Ken Ofori-Atta dem no go increase Value Added Tax (VAT) contrary to speculations.



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