All MPs and ministers won't be left out of new taxes - Minister

All MPs and ministers won't be left out of new taxes - Minister

- The minister for evaluation says new taxes cover all MPs and ministers

- The finance minister has imposed new taxes on luxury vehicles and high earned salaries

- All these interventions form part of efforts to increase revenue in the country

The leading member of the government's economic management team, Dr. Anthony Akoto Osei has revealed that new taxes on luxury cars will affect public service holders which include members of parliament and ministers.

Dr.Anthony Akoto Osei, in an interview with Joy FM, revealed that no member or parliament or minister is exempt from these new taxes.

“They are Ghanaians, aren’t they? Almost all government workers who drive a four-wheel vehicle. If you have a private four-wheel [drive] you have to pay the price. There is no problem with that. That is clearly understood,” he said.

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Based on the new tax on vehicles with engine capacities of 3.0 – 3.5 liters will attract an annual tax of GHS1,000; those with engine capacities of 3.6 – 4.0 liters will pay GHS1,500 annually; while 4.1 liters and above are to an annual tax of GHS2,000.

This tax has been placed on luxury vehicles and what this means is that all vehicles with an engine capacity of 3 liters and above will be paying an annual 3 percent levy upon renewing their cars.

“Government proposes to introduce a luxury vehicle levy on vehicles with engine capacities of 3.0 liters and above. The levy will be paid on first registration and subsequently at annual renewal,” he said.

Also, all Ghanaians who earn salaries of 10,000 cedis and above will be paying levies of a whopping 35 percent.

There are arguments that these new taxes on luxury vehicles as well as high-earned salaries are a bad move by government and lazy approach on the part of the finance minister in seeking for revenue sources. Others are also of the argument that this move rather opens up for more cases of money laundering in the country's financial sector.

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The levy, according to the government will be paid on first registration and subsequently annually during renewal.

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Source: Yen.com.gh

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