2024 Budget: Key Tax Reliefs Announced By Ofori-Atta That You Should Know About

2024 Budget: Key Tax Reliefs Announced By Ofori-Atta That You Should Know About

The 2024 budget saw the Akufo-Addo government introduce some tax reliefs to cushion Ghanaians. YEN.com.gh has outlined these reliefs expected to be passed by Parliament.

The finance minister, Ken Ofori-Atta, outlined some tax reliefs to some sections of Ghanaians and businesses in the 2024 budget.

The 2024 budget outlines the strategies for revenue generation and policies to address current economic challenges.

Ofori-Atta tax reliefs
The government hopes to cushion Ghanaians with new reliefs. Source: Getty Images
Source: Getty Images

The Ministry of Finance described the budget as crucial because it was developed to support the Post-COVID-19 Economic Growth Programme.

Ofori-Atta also said the economy was getting back on track with a smaller deficit than targeted from January to August.

The budget comes after the first review of the 3-year $3 billion IMF Programme.

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YEN.com.gh compiled the tax reliefs outlined in the 2024 budget below:

1. Extention of the zero rate of VAT on locally manufactured African prints for two more years.

2. A waiver of import duties on electric vehicles imported by registered assembly companies in Ghana for the next eight years.

3. A waiver of import duties on the import of electric vehicles for public transportation for eight years.

4. An extension of the zero VAT rate on locally assembled vehicles for two more years.

5. A zero rate VAT on locally produced sanitary pads.

6. Import duty waivers for raw materials for sanitary pads manufactured in Ghana.

7. Exemptions on the importation of agricultural machinery equipment and inputs, medical consumables and raw materials for the pharma industry.

8. A reduction to a flat VAT rate of five percent from 15 percent on commercial properties.

Minority calls 2024 budget empty

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The Minority in Parliament described the 2024 budget statement as empty and insensitive to Ghanaians.

Cassiel Ato Forson, the minority leader, said the budget was a sign that the New Patriotic Party was leaving power.

The absence of Vice President Bawumia and the Bank of Ghana governor, Ernest Addison, from the budget reading was also questioned.

Ghana facing uphill task in meeting IMF conditions

YEN.com.gh reported that Ghana missed the timeline set in the IMF programme to get the second tranche of the $3 billion bailout package.

Bright Simons of IMANI Ghana earlier disclosed that the government struggled to convince the IMF to sign off on the $600 million.

His comments follow the response by Ernest Addison, the Bank of Ghana governor, who described MPs taking part in the OccupyBoG protests as hooligans.

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Source: YEN.com.gh

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