Here Are The 8 Tax Reliefs Announced By Govt In 2024 Budget

The government, as part of its fiscal measures, has decided to waive import duties on Electric Vehicles (EVs) designated for public transportation for 8 years, according to Finance Minister Ken Ofori-Atta during the presentation of the 2024 Budget and Economic Statement to Parliament.

In addition to this, Ofori-Atta disclosed that import duties would also be exempted for semi-knocked down and completely knocked down Electric vehicles brought into the country by registered EV assembly companies for the same 8-year period.

Furthermore, in a move to promote menstrual hygiene and affordability, the Finance Minister has declared that all locally produced sanitary pads would now be zero-rated.

“Mr. Speaker, further to the above, the following reliefs have been prioritised for implementation:

 

Below are the eight tax reliefs:

i. Extend zero rate of VAT on locally manufactured African prints for two (2) more years;

ii. Waive import duties on the import of electric vehicles for public transportation for 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 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.

75. To address the negative externalities of plastic waste and pollution, The government will review and expand the Environmental Excise Duty to cover plastic packaging and industrial and vehicle emissions,” Mr Ofori-Atta stated.

 

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