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Economic Policy All you need to know about 2017 budget [Full text]

The government will remove import duties on raw materials and machinery for production within the context of the ECOWAS Common External Tariff (CET) Protocol

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Finance Minister Ken Ofori-Atta has announced the new government’s maiden budget.

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%

READ MORE: Finance Minister to focus on tax reforms and debt management

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

READ ALSO: Bawumia should be blamed for cedi depreciation - NDC MP

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.

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

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