- As part of the budget presentation, Finance Minister Ken Ofori-Atta announced the abolition of taxes this afternoon. He highlighted that this is one of the budgetary measures taken by the New Patriotic Party (NPP) administration to lessen the financial hardships faced by Ghanaians.
- “Mr Speaker, further to the above, the following reliefs have been prioritized for implementation including Zero rate VAT on locally produced sanitary pads,” he stated.
- Mr ofori Atta added that the government has extended a zero rate of VAT on locally manufactured African prints for two (2) more years; waive import duties on the import of electric vehicles for public transportation for 8 years and waive import duties on semi-knocked down and completely knocked down electric vehicles imported by registered EV assembly companies in Ghana for eight years.
- “We are extending the zero rate of VAT on locally assembled vehicles for 2 more years, and grant exemptions on the importation of agricultural machinery equipment and inputs and medical consumables, raw materials for the pharmaceutical industry,” he stated.
- Also 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.
Source:
graphiconline
