Finance Minister, Ken Ofori-Atta, has announced at a press briefing that, government will make some changes to the Vehicle Luxury tax in the mid-year budget review to be presented to Parliament in July 2019.
According to the finance minister, while the fundamental need for the law is unequivocal, some appropriate changes would be made to enhance its effectiveness.
Government to review luxury vehicle tax in Mid-Year budget
In July 2018, the Nana Addo-led administration introduced the luxury vehicle tax to levy vehicles with big engine capacities. Vehicles with engine capacities of 3.0 3.5 litres were to pay an annual tax of GH¢1,000.00; 3.6 4.0 litres engine capacities paid GH¢1,500.00 annually and 4.1 litres and above, expected to pay an annual tax of GH¢2000.
Right from the onset of this new tax on vehicles, there was public outburst, with many deeming it as an unfair levy. Almost a year to its implementation, it has still been met with opposition from stakeholders. However, the Finance Minister implored all to understand the overall objective of the law.
Read: Car owners and dealers stage demo against luxury vehicle tax
According to him, decision to review the tax was influenced by feedback received after implementation of the luxury vehicle levy.
Source: theindependentghana | Anita Odei-Osafo