June 14, 2024

Government has announced some tax cuts in its 2024 budget and economic planning policy.

Addressing Parliament on Wednesday, November 15,2023, Minister for Finance, Ken Ofori-Atta, indicated that the tax cuts was to help boost the economy through the private sector.

Among the items Mr Ofori-Atta included  locally manufactured sanitary pads and 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.
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