The Nana Addo Dankwa Akuffo Addo government through the Ministry of Finance has announced tax reliefs of some items in the country. It is believed that the reliefs will cushion the citizenry.
Finance Minister, Ken Ofori Atta made the announcement in parliament during the 2024 budget presentation. The minister indicates that the reliefs are to give significant relief to the private sector until expenditure pressures.
The items to benefit from the tax reliefs, according to Mr. Ken Ofori range from locally manufactured sanitary pads to electric vehicles.
Find the full list below:
- Extend zero rate of VAT on locally manufactured African prints for two (2) more years;
- Waive import duties on import of electric vehicles for public transportation for a period of 8 years;
- Waive import duties on semi-knocked down and completely knocked down Electric vehicles imported by registered EV assembly companies in Ghana for a period of 8 years;
- Extend zero rate of VAT on locally assembled vehicles for 2 more years;
- Zero rate VAT on locally produced sanitary pads;
- Grant import duty waivers for raw materials for the local manufacture of sanitary pads;
- Grant exemptions on the importation of agricultural machinery equipment and inputs and medical consumables, raw materials for the pharmaceutical industry;
- A VAT flat rate of 5 percent to replace the 15 percent standard VAT rate on all commercial properties will be introduced to simplify administration.