1-District-1-Factory: Government grants over GHC16 million in tax waivers to 4 companies
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1-District-1-Factory: Government grants over GHC16 million in tax waivers to 4 companies

- Parliament has granted tax waivers for 4 companies under the One District One Factory initiative

- The waivers are in the areas of Import duties, Import VAT, GETFund Levy, Import NHIL Levy and EXIM Levy

- The waiver for the 4 companies amounted to GHc16,039,549.8

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Parliament has approved a request by the government with regard to a waiver of taxes for four local companies.

The companies are all operating under the ‘One District, One Factory’ initiative which is designed to promote industrialization, boost investments and create jobs.

YEN.com.gh understands that the waiver affects Import duties, Import VAT, GETFund Levy, Import NHIL Levy and EXIM Levy.

1 District 1 Factory: Government grants over GHC16 million in tax waivers to 4 companies

Minister for Trade and Industry, Alan Kyeremanteng Source: graphic.com.gh
Source: Getty Images

READ ALSO: 1D 1F in Ashanti Region: New Kasapreko company starts production

Per a report by dailyguidenetwork.com, the waiver amounts to $2,763,993.45 for Camelot Ghana Limited, Favour 01 Limited and LK International Company Ghana Limited, and GH¢48,396.39 for Gee’s Fresh Point Limited.

The waiver covers plant, machinery and equipment or parts to be procured by the four firms under the implementation of the 1D1F programme.

Information available shows that the request for waiver of taxes was laid in the House on May 26, 2020, by the Deputy Minister for Finance, Abena Osei Asare, on behalf of the Minister for Finance in accordance with Article 174(2) of the constitution.

It was thereafter referred to the Finance Committee and report in pursuant to the Standing Order of the House.

Meanwhile, the Ministry of Trade and Industry has teamed up with some financial institutions to provide support for companies under the One District One Factory Initiative.

YEN.com.gh has learned that 172 companies have enjoyed GHC1.7 billion as part of the government’s industrialization agenda.

Shedding light on the details of the package, the sector minister, Alan Kyeremanteng, explained that the funds come in the form of interest subsidies or counterpart financing.

READ ALSO: 1D 1F: Senior Minister commissions Indomie factory in Accra

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Source: Yen.com.gh

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