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Taxes on spare parts scrapped
Ghana's parliament has scrapped taxes on spare parts as it promised in its first budget presentation
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This law is expected to bring about the removal of import duty on spare parts.
Presenting the budget in parliament finance Minister Ken Ofori-Atta announced the abolishment of some taxes including the tax on spare parts.
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In addition to scrapping of tax on spare parts, parliament also approved the removal of some taxes.
They are:
– 1 percent Special Import Levy;
– 17.5 percent VAT/NHIL on financial services;
– 17.5 percent VAT/NHIL on selected imported medicines, that are not produced locally;
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– Initiate steps to remove import duties on raw materials and machinery for production within the context of the ECOWAS Common External Tariff (CET) Protocol;
– 17.5 per cent VAT/NHIL on domestic airline tickets;
– 5 per cent VAT/NHIL on Real Estate sales;
– Excise duty on petroleum; – Special petroleum tax rate from 17.5 per cent to 15 per cent;
– Levies imposed on kayayei by local authorities;
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– Taxation, the gains from realisation of securities listed on the Ghana Stock Exchange or publicly held securities approved by the Securities and Exchange Commission (SEC).
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