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2017 Budget How Abossey Okai reacted to spare-parts duty scrap

Many of the traders who looked and sounded happy when they spoke to pulse.com.gh said this will also result in a reduction of their goods which will benefit their clients.

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Spare-part dealers in Abossey Okai in the Greater Accra region have described the decision by the Nana Addo-led government to remove the duty on their imported products as a decision in the right direction.

Many of the traders who looked and sounded happy when they spoke to Pulse.com.gh said this will also result in a reduction of their goods which will benefit their clients.

“This is good news to us. We will also reduce the prices of our goods if they implement this new policy. This will mean more people will buy from us and we will make more money to also take care of our families.”

READ ALSO: Here are the taxes Nana Addo will abolish in his government

Another trader who has been in the business for ten years said, he was happy the NPP administration is fulfilling the promises they made during the campaign in 2016 ahead of the general elections.

“Nana Addo has done very well. Personally, I am very happy he is fulfilling his promises. There are much more he needs to do. I am hopeful he will accomplish the rest.”

 

Nana Addo during the electioneering campaign promised to cut down and eliminate some taxes will restore fiscal discipline, promote debt sustainability and support private sector development.

 

READ ALSO: All you need to know about Ghana's 2017 Budget

Reading the maiden 2017 Budget Statement in Parliament on Thursday 2 March, Minister of Finance Ken Ofori-Atta has indicated that said the budget aims at building a strong fiscal foundation for the Ghanaian economy.

He said the government will reduce tax exemptions and also broaden the tax base as part of several measures being considered to protect and enhance the public purse.

Below are the taxes reviewed in the 2017 budget

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

ix. Reviewing withholding taxes imposed on various sectors (including the mining sector) that have constrained the liquidity of many businesses.

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