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    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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Importers excited over abolition 1% special import levy

bycitibusinessnews
March 2, 2017
in Government, Top Stories, Transport
Ken Ofori Atta - Finance Minister

Ken Ofori Atta - Finance Minister

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Importers in Ghana have welcomed the abolition of the 1% special import levy charged at the ports.

The Finance Minister, Ken Ofori-Atta, announced this among other tax cuts in the budget presentation before parliament earlier today [Thursday] in parliament.

The special levy which was introduced by the previous government, has received huge backlash from importers, describing it as a nuisance tax.

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Speaking to Citi Business News after the announcement, a Member of the Technical Committee for the Ghana Institute of Freight Forwarders, Johnny Mantey, described the news  as a great relief to importers.

“We are very excited and satisfied about the abolition of the special import levy. It is something that we have been looking forward to. That was definitely a nuisance tax which was burdening  the importers so this is indeed very welcoming news,” he said.

He added that the abolition will provide an opportunity for importers to channel their resource into expanding their works.

“Government has shown us that it is not just talking, but they walk their talk.“This is way beyond our expectation” he stressed.

Taxes on imported spare parts; kayayei abolished

The Akufo-Addo government has also abolished import duty taxes on spare parts as it promised during the campaign for election 2016.

The other taxes include the tolls charged head porters, locally known as ‘Kayayei’, who move from the north to the south of Ghana, to engage in all kinds of menial jobs.

List of taxes abolished –

The 1% Special Import Levy

Kayayei market tolls

17.5% VAT/NHIL on financial services

17.5% VAT/NHIL on selected imported medicines that are not produced locally

17.5% VAT/NHIL on domestic airline tickets

Duty on imported spare parts

5% VAT/NHIL on Real estate sales

Exercise duty on petroleum

List of reviewed taxes

– Corporate income tax to be progressively reduced from 25% to 20% in 2018

– Replace 17.5% of 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

– Reduce special petroleum tax rate from 17.5% to 15%.

–

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.

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