The 2024 budget includes eight tax reliefs, covering items such as African prints and sanitary pads, among others

Finance Minister Ken Ofori-Atta has revealed tax exemptions on domestically produced goods, including sanitary pads, as part of the 2024 budget statement presented in Parliament on Wednesday. He emphasized a shift in tax policy since 2017, initially aiming to provide substantial relief to the private sector. However, due to increased expenditure pressures from 2020, a more assertive approach became necessary. Ofori-Atta acknowledged the current 13% tax-to-GDP ratio in the country, which lags behind peers, and expressed a commitment to reaching a target of 18-20%. Despite challenges in immediately implementing all required reforms and tax reductions, he assured the House of actively pursuing lower taxes for the industry in collaboration with the GRA and the standing committee of the Mutual Prosperity Dialogue.

Find the full list below:

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 per cent to replace the 15 per cent standard VAT rate on all commercial properties will be introduced to simplify administration.