Ghana's parliament has scrapped taxes on spare parts as it promised in its first budget presentation
Despite stiff opposition from the Minority in parliament, parliament has passed the Customs Amendment Bill.
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.
READ ALSO: UG finance experts suspicious of New Tax Law
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;
– 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;
– 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).
Ghana's parliament has scrapped taxes on spare parts as it promised in its first budget presentation Read Full Story
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