Government has introduced a number of tax reliefs in the 2017 budget statement and economic policy, the Finance Minister, Mr Ken Ofori-Atta has announced.
According to the minister, these measures will help make the cost of doing business in Ghana cheaper for the creation of jobs.
Below are some highlights of various taxes that have been abolished by the government.
- The 1% Special Import levy
- Kayayei Market tolls
- 17.5% VAT/NHIL on financial services
- 7.5 % VAT/NHIL on selected imported medicines, that are not produced locally
- 17.5% VAT/NHIL on domestic airline tickets
- 5 % VAT/NHIL on Real Estate sales
- Replaced 17.5% VAT/NHIL with 3 % flat rate for traders
- Tax credits and other incentives for businesses that hire young graduates from tertiary institutions
- Tax incentives for Young Entrepreneurs
- Duty on imported spare parts
- Corporate income tax to be progressively reduced from 25% to 20% in 2018
