The government has introduced eight tax reliefs in the 2024 budget

In his presentation of the 2024 budget and economic policy in Parliament on Wednesday,

November 15, 2023, the Minister of Finance, Ken Ofori-Atta, unveiled a series of eight tax reliefs that the government plans to implement starting from the upcoming year.

These measures are aimed at providing financial relief and fostering economic growth

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
9. Extend zero rate of VAT on locally manufactured African prints for two (2) more years
10. Waive import duties on import of electric vehicles for public transportation for a period of 8 years;
11. 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;
12. Extend zero rate of VAT on locally assembled vehicles for 2 more years;
13. Zero rate VAT on locally produced sanitary pads;
14. Grant import duty waivers for raw materials for the local manufacture of sanitary pads;
15. Grant exemptions on the importation of agricultural machinery equipment and inputs and medical consumables, raw materials for the pharmaceutical industry;
16. 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.
17. administration.