{"id":120903,"date":"2023-11-19T09:21:53","date_gmt":"2023-11-19T09:21:53","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/11\/19\/govt-grants-8-tax-reliefs-to-cushion-citizens\/"},"modified":"2023-11-19T09:21:53","modified_gmt":"2023-11-19T09:21:53","slug":"govt-grants-8-tax-reliefs-to-cushion-citizens","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/11\/19\/govt-grants-8-tax-reliefs-to-cushion-citizens\/","title":{"rendered":"Gov&#8217;t Grants 8 Tax Reliefs To Cushion Citizens"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\u00a0<\/p>\n<p>In an effort to boost the adoption of electric vehicles (EVs) and promote menstrual hygiene, the government has announced eight tax reliefs during the presentation of the 2024 Budget and Economic Statement to Parliament by Finance Minister, Ken Ofori-Atta.<\/p>\n<p>One of the key measures includes waiving import duties on EVs designated for public transportation for a period of eight years.<\/p>\n<p>This move aims to encourage the use of EVs in the public transport sector, reducing carbon emissions and promoting sustainability. Additionally, import duties on semi-knocked down and completely knocked down electric vehicles brought into the country by registered EV assembly companies will also be exempted for the same duration.<\/p>\n<p>In a bid to support local manufacturing and consumption, Ofori-Atta announced that all locally produced sanitary pads will now be zero-rated. This measure aims to improve menstrual hygiene and affordability for women across the country.<\/p>\n<p>The Finance Minister further outlined the following tax reliefs that will be implemented:<\/p>\n<p>\u2013 Extending the zero rate of VAT on locally manufactured African prints for two more years.<\/p>\n<p>\u2013 Extending the zero rate of VAT on locally assembled vehicles for two more years.<\/p>\n<p>\u2013 Granting import duty waivers for raw materials for the local manufacture of sanitary pads.<\/p>\n<p>\u2013 Granting exemptions on the importation of agricultural machinery equipment and inputs, medical consumables, and raw materials for the pharmaceutical industry.<\/p>\n<p>\u2013 Introducing a VAT flat rate of 5 percent to replace the 15 percent standard VAT rate on all commercial properties, simplifying administration.<\/p>\n<p>\u2013 Reviewing and expanding the Environmental Excise Duty to cover plastic packaging, industrial emissions, and vehicle emissions to address plastic waste and pollution.<\/p>\n<p>The government\u2019s decision to grant these tax reliefs aims to stimulate economic growth, promote sustainable practices, and improve the well-being of Ghanaians.<\/p>\n<p>These measures have received positive feedback from various sectors, with stakeholders applauding the government\u2019s commitment to sustainable development and support for local industries.<\/p>\n<p>The tax reliefs are expected to have a positive impact on the economy and contribute to Ghana\u2019s overall development agenda.<\/p>\n<p>As the government continues its efforts to create a conducive economic environment, these tax reliefs are just one aspect of a comprehensive strategy to drive progress and improve the lives of the Ghanaian people.<\/p>\n<p><strong>By Vincent Kubi<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 In an effort to boost the adoption of electric vehicles (EVs) and promote menstrual hygiene, the government has announced eight tax reliefs during the presentation of the 2024 Budget and Economic Statement to Parliament by Finance Minister, Ken Ofori-Atta. One of the key measures includes waiving import duties on EVs designated for public transportation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":120904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-120903","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gov&#039;t Grants 8 Tax Reliefs To Cushion Citizens - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/11\/19\/govt-grants-8-tax-reliefs-to-cushion-citizens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov&#039;t Grants 8 Tax Reliefs To Cushion Citizens - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"\u00a0 In an effort to boost the adoption of electric vehicles (EVs) and promote menstrual hygiene, the government has announced eight tax reliefs during the presentation of the 2024 Budget and Economic Statement to Parliament by Finance Minister, Ken Ofori-Atta. 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