Business News of Saturday, 1 May 2021
Source: rainbowradioonline.com
2021-05-01
File photo: The IES says that consumers have already been burdened with several taxes
The Institute for Energy Security (IES) has asked the government to withdraw the increased margins on petroleum products.
The IES is a statement indicated that consumers have already been burdened with several taxes, in the face of job losses, salary cuts, and collapse of businesses et cetera; following the pandemic.
“It is therefore inappropriate for government to lay more burdens on Ghanaians through the amendments in fuel margins.
The IES finds no justification for the increases in these Margins. For instance, the BOST Margin and the PDM goes to BOST, yet BOST has not been able to even properly justify the GHp3 per litre increase given it last year. The company is still underperforming, as it was the year before. Not much has changed.
It must be noted that the continuous increases in levies, taxes, and margins on petroleum products is one of the key reasons for Oil Marketing Companies (OMCs) deciding to evade tax payments, and rather smuggle their products, just to maximize their market share. This eventually leave the very few tax compliant OMCs to suffer,” it added.
Read the full statement below:
