The Finance Minister, Ken Ofori Atta has announced some tax reliefs in the 2024 budget statement which will be execute by government in 2024.
Before to the 2024 budget statement, there has been several calls by various stakeholders which has to do with the scrapping of certain taxes to help alleviate the present overwhelming cost of living. There were campaigns against taxes including those on sanitary pads, COVID levy and several others.
During the presentation by the Finance Minister, on Wednesday November 15, 2023, he pointed out eight reliefs which is expect to implement in 2024.
The 2024 budget, which was dubbed ‘Nkunim’, to wit, victory in the Twi language, was to project the path toward fiscal consolidation, macro stability and growth that began a year ago, according to Ken Ofori Atta.
Kindly read the publicized tax reliefs:
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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