He said this is part of the fiscal measures by the New Patriotic Party (NPP) administration to ease the economic difficulties for Ghanaians.
During the presentation of the 2024 Budget and Economic Statement to Parliament in Accra, Mr. Ofori-Atta said:
Mr. Speaker, further to the above, the following reliefs have been prioritized for implementation:
i. Extend zero rate of VAT on locally manufactured African prints for two (2) more years;
ii. Waive import duties on the import of electric vehicles for public transportation for 8 years;
iii. Waive import duties on semi-knocked down and completely knocked down Electric vehicles imported by registered EV assembly companies in Ghana for 8 years;
iv. Extend zero rate of VAT on locally assembled vehicles for 2 more years;
v. Zero rate VAT on locally produced sanitary pads;
vi. Grant import duty waivers for raw materials for the local manufacture of sanitary pads;
vii. Grant exemptions on the importation of agricultural machinery equipment and inputs and medical consumables, raw materials for the pharmaceutical industry;
viii. A VAT flat rate of 5 percent to replace the 15 percent standard VAT rate on all commercial properties will be introduced to simplify administration.
In addition to this, Ofori-Atta disclosed that import duties would also be exempted for semi-knocked down and completely knocked down Electric vehicles brought into the country by registered EV assembly companies for the same eight-year period.