During the 2024 Budget and Economic Statement presentation to Parliament, Finance Minister Ken Ofori-Atta said that the government has chosen to waive import taxes on Electric Vehicles (EVs) designated for public transportation for a period of eight years. This decision is part of the government’s budgetary policies.
Furthermore, Ofori-Atta said that, during the same eight-year period, import tariffs will not apply to fully or partially knocked down electric vehicles imported into the nation by registered EV assembly businesses.
Furthermore, the Finance Minister said that all sanitary pads made in the country would now be zero-rated in an effort to promote menstrual hygiene and affordability.
“Mr. Speaker, further to the above, the following reliefs have been prioritised 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.” Mr Ofori-Atta said in parliament.
