Parliament approves $3.1 million waiver to support technical universities and others

Parliament approves $3.1 million waiver to support technical universities and others

- The Finance Committee in Parliament has approved a 3.1 million waiver on domestic tax for some local purchases and services

- The fund would be used for rehabilitation works as well as upgrading equipment in selected educational institutions

- Dr. Mark Assibey-Yeboah, Chairman of the Finance Committee of Parliament, stated that the project is designed to improve the employability of Ghanaian youth

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YEN.com.gh has learned that Parliament has approved a request to waive domestic VAT on some local purchases and services.

The 3.1 million waiver would be directed towards the rehabilitation and upgrading of equipment in technical universities, polytechnics and technical and vocational training centres.

Information available shows that the VAT exemption complies with the Concessional Loan Agreement between the Government of Ghana and the Export-Import Bank of China.

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According to Dr. Mark Assibey-Yeboah, Chairman of the Finance Committee of Parliament, the House, had in July 2018, approved by a resolution, the Supplementary Contract Agreement Nos. 1&2 as well as the Commercial Contract between the Government of Ghana, acting through the Ministry of Education and Messrs AVIC International Holding Corporation of China for the implementation of the project.

Consequently, on April 5, 2019, it approved, by resolution, the request for the waiver of Import Duties, VAT, GETFund, Import NHIL, Special Import Levy, EXIM Levy, AU and ECOWAS levies amounting to US$26,966,083 on project materials and equipment to be procured.

Per a report by Ghana News Agency, he also stated that the project is designed to improve the employability of Ghanaian youth by providing them with the relevant skills and competencies required for self and formal employment.

Meanwhile, 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.

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Source: Yen Newspaper

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