Vice President Dr. Mahamudu Bawumia says the Akufo-Addo-led government has introduced “some bold” initiatives towards economic recovery and bringing prosperity to Ghanaians through trade transformation.
Speaking at the final day of the National Policy Summit, the Vice President stated that in the 2017 budget, the Finance Minister presented some of these initiatives which are in line with government’s vision in solving the challenges the economy is facing.
In view of this, he said government has abolished the one percent special import levy on raw materials, machinery, 17.5% VAT on financial services and airline tickets, to bring relief to businesses in the country.
“Excise duty on petroleum to reduce the excess burden on final consumers has been abolished,” he reiterated.
He further stated that there has been some reduction in the special petroleum tax from 17.5% to 15% as well as 5% VAT flat rate on real estate has been abolished.
“Import duties on spare parts and some tax exemptions on the gains of securities listed on the stock exchange has been abolished. These are very bold initiatives for any government to take,” he stressed.
