The government will remove import duties on raw materials and machinery for production within the context of the ECOWAS Common External Tariff (CET) Protocol
He said the government will abolish excise duty on petroleum products, the government also intends to reduce the special petroleum tax rate from 17.5% to 15%.
He noted that the NPP economic focus is to move away from taxation to production by reducing the corporate tax rate from 25% to 20%
i. Removing import duties on raw materials and machinery for production within the context of the ECOWAS Common External Tariff (CET) Protocol
ii. Abolishing the Special Import Levy
iii. Abolishing the 17.5% VAT on imported medicines not produced in the country
iv Abolishing the 17.5% VAT on Financial Services
v. Abolishing the 5% VAT on Real Estate sales
vi. Abolishing the 17.5% VAT on domestic airline tickets
vii. Reducing VAT for micro and small enterprises from the current 17.5% to the 3% Flat Rate VAT introduced by the Kufuor-led NPP government
viii. Introducing tax credits and other incentives for businesses that hire young graduates from tertiary institutions, and
He noted that the government will restore fiscal discipline in the Ghanaian economy.
Click to read the full budget here: Here are the taxes Nana Addo will abolish in his government