Government has introduced a number of tax reliefs in the 2017 budget statement and economic policy, the Finance Minister, Mr Ken Ofori-Atta has announced.
Below are some highlights of various taxes that have been abolished by the government.
- The 1% Special Import levy
- Kayayei Market tolls
- 17.5% VAT/NHIL on financial services
- 7.5 % VAT/NHIL on selected imported medicines, that are not produced locally
- 17.5% VAT/NHIL on domestic airline tickets
- 5 % VAT/NHIL on Real Estate sales
- Replaced 17.5% VAT/NHIL with 3 % flat rate for traders
- Tax credits and other incentives for businesses that hire young graduates from tertiary institutions
- Tax incentives for Young Entrepreneurs
- Duty on imported spare parts
- Corporate income tax to be progressively reduced from 25% to 20% in 2018