Higher-than-expected inflows from corporate tax
helped push the country's earnings from petroleum to GHC1.4 billion as
of September 2013.
The amount was far higher than the year-end budget
target of GHC1.1 billion, making it the first time that the country has
earned more than budgeted from the nascent petroleum sector.
It is also the first year that operators in the
upstream petroleum sector have paid corporate tax, having been
recovering their capital allowances in the past financial years.
Mr Seth Terkper, Ministry of Finance and Economic
Planning, announced the country's earnings from the petroleum sector on
Tuesday while presenting the 2014 Budget and Economic Policy Statement
of government to Parliament.
The minister said that the higher earnings from petroleum were as a result of "more-than expected corporate tax inflows."
He also added that oil production at the Jubilee
Field was higher than estimated, averaging at around 100,000 barrels per
day in the last nine months of 2013.
It is expected that government estimates from the
petroleum sector will be higher than the 2013 figure, especially given
that the Jubilee Field is elected to ramp up to its plateau capacity of
120,000 barrels per day by next year.
SOURCE[DAILY GRAPHIC.COM]
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