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.