Finance Minister Ken Ofori-Atta revealed an array of tax measures in the 2024 Budget presented to Parliament on Wednesday (15 November).
Among the changes are the introduction of a 5% flat rate for Value Added Tax (VAT) to replace the existing 15% on all commercial properties.
Additionally, the government has granted a waiver on import duties for electric vehicles used in public transportation, aiming to encourage sustainable mobility.
The minister announced the extension of the zero rate of VAT on locally manufactured African prints for an additional two years.
Moreover, there will be import duty waivers for raw materials used in the production of sanitary pads, aligning with the government’s commitment to women’s health.
Minister Ofori-Atta emphasized the government’s dedication to environmental sustainability by extending import duty waivers on electric vehicles for public transportation and locally assembled electric vehicles for an extensive 8-year period.
Furthermore, the budget addresses the agricultural sector by granting exemptions on the importation of agricultural machinery, equipment, and inputs.
Medical consumables and raw materials for the pharmaceutical industry will also receive exemptions, fostering growth in crucial sectors.
To simplify administration, a VAT flat rate of 5% is set to replace the current 15% standard VAT rate on all commercial properties.
These strategic tax reliefs are anticipated to cushion the economic landscape, fostering growth and resilience in the face of evolving challenges. The Finance Minister expressed confidence that these measures will contribute significantly to the country’s economic prosperity.
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