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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:
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.
- 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.
NKONKONSA.com
