Business

OMCs call for effective collection of new taxes

The Association of Oil Marketing Companies (OMCs) is calling for an effective collection system of the new taxes introduced by the government, which take effect from 1 May 2021 to generate the needed revenue.

According to the association, the taxes will be meaningless if a robust and efficient system is not adopted to collect them.

Among the taxes that are to be implemented on 1 May include the imposition of the 20 per cent per litre of fuel, 18 pesewas per kilogramme of LPG and one per cent on the supply of goods and services.

Speaking in an interview with Class Business, the Chairman of the association, Mr Henry Akwaboah, urged the government to be prudent with its tax collection system.

He said: “The government has its own revenue target and if in their scheme of things, the government believes this is the way to go to ramp up the revenue then so be it but I’m more concerned that with the existing taxes, we’ve not been too effective at collecting them and I want that assurance from the government and related agencies that this new levy is going to be collected effectively in addition to the existing ones.

“And I think it’s something everybody needs to be interested in.

“We’ve to get all hands on board and then be sure there are no more leakages whatsoever in the system to create that unnecessary advantages or disadvantages for some players in the industry.”

Source: classfmonline.com

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *