Ghana’s Finance Minister, Ken Ofori-Atta, has presented the 2024 budget which is prepared to provide significant help to both the private sector and citizens. Checkout these 7 reliefs for Ghanaians in the 2024 budget.
7 Reliefs For Ghanaians In The 2024 Budget
During the presentation of the 2024 Budget Statement in Parliament, the Finance Minister, Ofori-Atta outlined a series of measures aimed at supporting various industries and addressing resident needs. Below are 7 key reliefs featured in the 2024 Budget;
1. Extension of Zero Rate VAT on African Prints:
The government plans to expand the zero rate of Value Added Tax (VAT) on locally manufactured African prints for an additional two years. This aims to support the local textile industry.
2. Waiver of Import Duties on Electric Vehicles (EVs):
Import duties on EVs designated for public transportation will be waived for a substantial time of 8 years. This is supposed to encourage the adoption of electric public transportation.
3. Zero Rating for Locally Produced Sanitary Pads:
To enhance menstrual cleanliness and affordability, VAT will be zero-rated on all locally produced sanitary pads.
4. Extension of Zero Rate VAT on Locally Assembled Vehicles:
The government plans to expand the zero rate of VAT on locally assembled vehicles for two additional years.
5. Import Duty Waivers for Raw Materials for Sanitary Pads:
Import duty waivers will be granted for raw materials used in the local manufacture of sanitary pads, supporting local production.
6. Exemptions on Importation of Agricultural Machinery, Inputs, and Medical Consumables:
To boost production in various industries, the government will grant exemptions on the importation of agricultural machinery hardware and inputs, as well as medical consumables.
7. Introduction of a VAT Flat Rate for Commercial Properties:
A VAT flat rate of 5% will replace the 15% standard VAT rate on all commercial properties, simplifying administration.
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The NPP is confident the 2024 Budget will seek to curb the current economic hardship while fostering development and resilience in major industries.