Ghana has recently introduced tax payment on luxury vehicles and the collection of the taxes would commence on Wednesday, (today), August 1.

According to a statement issued by the Ghana Revenue Authority, the taxes will only affect cars with engine capacity above 2950 or 3.0 and above, reports Citinewsroom.

The new tax initiative states that vehicles with engine capacity of 2950 to 3549 capacity will pay GHS1, 000 ($208) while vehicles with engine capacity of 3550 to 4049 will pay GHS1,500 ($312).

Engine capacity above 4049 will pay GHS2,000 ($417).

The tax was introduced to boost revenue in the nation and government is expected to raise about GHS300 million from the policy.