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In an unprecedented move aimed at boosting the country’s sustainable transportation and promoting affordable menstrual hygiene, Finance Minister Ken Ofori-Atta unveiled a series of tax waivers during the presentation of the 2024 Budget and Economic Statement to Parliament.
The government has decided to eliminate import duties on Electric Vehicles (EVs) designated for public transportation for an extensive period of 8 years. This waiver also extends to semi-knocked down and completely knocked down EVs brought into the country by registered assembly companies, fostering a conducive environment for EV development and adoption.
In a bid to ensure menstrual hygiene accessibility, the Finance Minister declared that all locally produced sanitary pads would now be subject to zero-rated taxation, a move expected to make these essential products more affordable and accessible to a wider population.
Additionally, the budget outlines several other key measures, including the extension of zero-rated VAT on locally manufactured African prints for two more years and on locally assembled vehicles for 2 years. Furthermore, the government plans to grant import duty waivers for raw materials necessary for the local production of sanitary pads and exemptions on the importation of agricultural machinery, medical consumables, pharmaceutical raw materials, and more.
Moreover, to streamline administrative processes, a VAT flat rate of 5 percent will replace the standard 15 percent VAT rate on all commercial properties.
These fiscal measures, as announced by the Finance Minister, are anticipated to significantly impact various sectors, from the promotion of sustainable transportation to improving access to essential hygiene products, aiming to drive economic growth and social development.
