We will resist the government's attempts to raise taxes on fuel – COPEC

Company News of Monday, July 29, 2019

Source: citinewsroom.com

2019-07-29

The Chamber of Consumers of Oil (COPEC) said it would fiercely oppose any government attempt to increase fuel taxes in the mid-year 2019 budget, to read later. in Parliament today, Monday.

There is speculation that among the key elements of the mid-year budget review will be an increase in taxes on petroleum products.

Duncan Amoah, executive secretary of COPEC, said that the cost of living in general in the country had increased due to high fuel prices, so an increase in taxes would only make matters worse. Ghanaians. any additional increase in taxes, instead of the rather general expectations of reduction, will be strongly resisted. "

In a statement to the press before reading the budget, Duncan Amoah said that Ghanaians would not be able to bear the cost of an additional increase.

"Some of Ghana's parliament members are already virtually certain of a potential rise in already suffocating tax levels from rising oil prices affecting Ghana's pockets."

"The cost of living in general in the country has been greatly increased because of high fuel prices, but little has been done to reduce taxes, although policy makers and the government recognize the difficulties faced by citizens in this country. high prices of fuel at the pump. "

COPEC said the increase in taxes on oil would be "the easiest way to reduce the extra income of an already frustrated oil consumer".

COPEC stated that while he felt it was necessary to broaden the country's tax base, he would be insensitive to raising taxes given the country's difficult situation.

The House urged the government to focus on the illegal fuel smuggling activities taking place across the country that are causing revenue losses.

"According to the NPA, the temporary business figure lost by the country for the past year alone exceeded 200 million dollars, while our conservative calculations around the same period indicate a loss of revenue from the US. about 1.6 billion GhS for the state …. These figures should be even higher by the end of 2019 if nothing is done to stop the illegal smuggling of fuel into the country, "said COPEC.