Presenting the 2024 Budget and Finance Statement on the floor of parliament, on Wednesday, November 15, 2023, the Minister for Finance, Ken Ofori-Atta, announced a zero VAT rate for locally manufactured sanitary pads.
He added the government would also be scrapping import duty on “raw materials for the local manufacture of sanitary pads”.
The two exemptions were among two of 8 announced by Ofori-Atta.
The others include:
An extension of the zero rate of VAT on locally manufactured African prints for two (2) more years.
Waiver of import duties on import of electric vehicles for public transportation for a period of 8 years.
Waiver of import duties on semi-knocked down and completely knocked down Electric vehicles imported by registered EV assembly companies in Ghana for a period of 8 years.
Extension of the zero rate of VAT on locally assembled vehicles for 2 more years.
Exemptions on the importation of agricultural machinery equipment and inputs and medical consumables, raw materials for the pharmaceutical industry;
A VAT flat rate of 5 percent to replace the 15 percent standard VAT rate on all commercial properties will be introduced to simplify administration.
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Sanitary pads