8 tax reliefs announced by gov’t in 2024 budget

The Minister of Finance, Ken Ofori-Atta presented the 2024 budget and economic policy in Parliament on Wednesday, November 15, 2023.

During the presentation, Mr. Ofori-Atta announced eight tax reliefs government intends to implement from next year.

Below are the eight tax reliefs:

1. Extend zero rate of VAT on locally manufactured African prints for two (2) more years
2. Waive import duties on import of electric vehicles for public transportation for a period of 8 years;
3. 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;
4. Extend zero rate of VAT on locally assembled vehicles for 2 more years;
5. Zero rate VAT on locally produced sanitary pads;
6. Grant import duty waivers for raw materials for the local manufacture of sanitary pads;
7. Grant exemptions on the importation of agricultural machinery equipment and inputs and medical consumables, raw materials for the pharmaceutical industry;
8. 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.

CNR