The 2024 budget has waived import duties on Electric Vehicles (EVs) designated for public transportation for 8 years.
In addition to this, import duties would also be exempted for semi-knocked down and completely knocked down Electric vehicles brought into the country by registered EV assembly companies for the same 8-year period.
This was revealed by Ken Ofori-Atta, the Finance Minister, in Parliament Wednesday, November 15, 2023, during the presentation of the Budget Statement and Economic Policy of the government for the 2024 Fiscal Year.
“Mr. Speaker, further to the above, the following reliefs have been prioritised for implementation:
i. Extend zero rate of VAT on locally manufactured African prints for two (2) more years;
ii. Waive import duties on the import of electric vehicles for public transportation for 8 years;
iii. Waive import duties on semi-knocked down and completely knocked down Electric vehicles imported by registered EV assembly companies in Ghana for 8 years;
iv. Extend zero rate of VAT on locally assembled vehicles for 2 more years;
v. Zero rate VAT on locally produced sanitary pads;
vi. Grant import duty waivers for raw materials for the local manufacture of sanitary pads;
vii. Grant exemptions on the importation of agricultural machinery equipment and inputs and medical consumables, raw materials for the pharmaceutical industry;
viii. 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.
In its bid to tackle “the negative externalities of plastic waste and pollution”, Mr. Ofori-Atta told the House that “the government will review and expand the Environmental Excise Duty to cover plastic packaging and industrial and vehicle emissions.”
READ ALSO: ‘Leave Dede Ayew alone! Ken Ofori-Atta is even still in power’ – Captain Smart
