Presenting the 2024 Budget and Economic Statement to Parliament, the Finance Minister, Ken Ofori-Atta has announced tax reliefs that have been prioritised for implementation next year.
The following reliefs have been prioritised for implementation:
i. Extend zero rate of VAT on locally manufactured african prints for two (2) more years;
ii. Waive import duties on import of electric vehicles for public transportation for a period of 8 years;
iii. 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;
iv. Extend zero rate of VAT on locally assembled vehicles for 2 more years;
v. Zero rate VAT on locally produced sanitary pads;
vi. Grant import duty waivers for raw materials for the local manufacture of
sanitary pads;
vii. Grant exemptions on the importation of agricultural machinery
equipment and inputs and medical consumables, raw materials for the
pharmaceutical industry;
viii. 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”.
