The Ghana Revenue Authority (GRA) will start the collection of taxes on luxury cars from today (August 1, 2018).

The statement further said that vehicles with an engine capacity of 2950 to 3549 capacity will pay GHS1,000 cedis while vehicles with engine capacity of 3550 to 4049 will pay  GHS1,500.

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Engine capacity above 4049 will pay GHS2,000 cedis.

The Finance Minister Ken Ofori-Atta announced this new tax when he presented the 2018 mid-year budget review to Parliament in July.

He explained that the government intends to improve revenue mobilization through the policy.

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Meanwhile, the government is expected to raise about GHS300 million from the taxes on luxury vehicles.

Some economists are have expressed optimism that the government will meet the target since it already has a database of such vehicles.