Messrs.
Sunon Asogli Power Ghana Limited, contractors of the 360 megawatt
combine cycle power project at Kpone in the Greater Accra Region, has
been exempted from paying taxes amounting to US$75.7 million.
As a
result, the company will not pay import duties, import VAT, EDAIF,
ECOWAS levy, National Health Insurance Levy, withholding tax
liabilities, among others, on the procurement of supplies and services
for the construction of the power project.
The tax exemption, which was granted by Parliament yesterday, aims to facilitate the early completion of the project.
Giving
the background of the project and the need to waive taxes for smooth
execution of the project, a report by Parliament’s Committee on Finance
said Sunon Asogli was formed by Shenzen Energy as an independent power
producing company to supplement the power generation in Ghana.
The
aim of the company, according to the report, is to build, own, and
operate a 560 megawatt power plant which consists of Phase 1 Project of
200 megawatt and Phase II, 360 megawatts.
“Commercial operations
of the phase I began in 2011 and performed reliably and efficiently in
supplementing power generation capacity of the country. By 2014, Sunon
Asogli has generated about 1307 GWH with 1253 GWH on-grid, which
represented about 14 per cent of the total power supply in Ghana,” it
said.
The report said considering the good achievements of the
Phase I and the power supply shortage in the country, Sunon Asogli
resolved to start the 360 megawatts Phase II project to help improve the
power situation in the country.
“To this end, Sunon Asogli
entered into a Power Purchase Agreement with the Electricity Company of
Ghana (ECG) to supply ECG with additional 360 megawatts of power,” it
said and added that the tax waiver would facilitate smooth execution of
the project.
The House also approved a request by the Finance
Committee for the waiver of taxes amounting to US$26.9 million relating
to project materials and equipment to be procured for the construction
of roads that comprise the Eastern Corridor Road Project (Oti
Damanko-Nakpanduri stretch-209km).
The project is an export
credit agreement between the government and the National Bank for
Economic and Social Development and the Bank of Brazil, supported by the
Brazilian official equalization programme to finance, design and civil
engineering works relating to the project.
In another
development, the House is expected to approve the GH1.8 billion
supplementary estimate presented to the House by the Finance Minister,
Seth Terkper, last Monday.
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