Finance Minister, Ken Ofori-Atta has stated that in response to calls of reduction of taxes on various goods and services, the government has decided to waive off taxes on locally manufactured sanitary pads, raw materials, import duties on electric vehicles and others.
He said this while presenting the 2024 Annual Budget Statement and Economic Policy of Government of Ghana for the 2024 Financial Year, on Wednesday, 15th November, 2023.
“The following reliefs have been prioritised for implementation. To extend the zero rate of vat on locally manufactured African prints for two more years, to waive import duties on the import of electric vehicles for public transportation for a period of 8 years, to waive import duties on semi knockdown and completely knockdown vehicles imported, registered EV assembly companies in Ghana for a period of 8 years, to extend zero rate of vat on locally assembled vehicles for two more years, to zero rate vat on locally produced sanitary pads, to grant import duty waivers for the raw materials for the local manufacture of sanitary pads, to 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 would be introduced to simplify administration.
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Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori