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Company News of Friday, April 19, 2019
Source: citinewsroom.com
2019-04-19
Kwaku Kwarteng, Deputy Minister of Finance
The Ministry of Finance announced that it was working to reduce the cost of aviation fuel and other taxes for airlines operating in Ghana.
This initiative aims, among other things, to make Ghana more competitive in the aeronautical industry of the sub-region.
Deputy Finance Minister Kwaku Kwarteng unveiled the plan at the third breakfast meeting of players in the aviation sector.
"We will examine the offers of our competitors in the sub-region, discuss with you and see how we can respond to the usual concerns that aviation fuel taxes are higher than elsewhere," he said. he indicated.
The relatively high cost of aviation fuel in Ghana has forced most airlines operating in the subregion to raise fuel from countries other than Ghana.
This development would have a negative impact on the profits of the airlines.
In 2016, the government then announced a twenty percent reduction in the cost of aviation fuel.
At the time, a liter of the product was sold for 3 dollars 14 cents.
While Nigeria and Benin sold one liter of aviation fuel at $ 2.30 each, Cameroon sold one liter of jet fuel at $ 1 94 cents.
Another problem that the Ministry of Finance plans to address is the corporate income tax regime for airline operators.
Explaining the reasons for the move, Kwaku Kwarteng said a more realistic tax system should generate more revenue and reduce the burden on airlines.
"We would like to explore the possibility of doing things right because in the end, while trying to be competitive in one area, we also need to ensure that each industry pays its fair share of taxes in national revenues. ", did he declare.
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