2017 Budget: Importers laud Prez. Akufo-Addo

By on

port-690x406Importers in Ghana have welcomed the decision by the Akufo-Addo-led government to scrap the 1% special import levy as a way of growing businesses in Ghana.

During the reading of the budget statement, Mr Ken Ofori-Atta, Minister of Finance, mentioned, among other things, the scrapping of excise duty on petroleum products. The government also intends to reduce the special petroleum tax rate on petrol from 17.5% to 15%.

Other taxes that will be completely abolished include the following:

1. The 1% special import levy
2. The 17.5% VAT on financial services
3. The 17.5% VAT on selected imported medicines not produced locally
4. The 17.5% VAT on domestic airline tickets
5. The 5% VAT on real estate sales
6. Duty on importation of spare parts

Also, the 17.5% VAT imposed on traders has been replaced with a 3% flat rate, while businesses that employ young graduates from tertiary institutions will get tax credits and other incentives. Furthermore, there will be tax incentives for young entrepreneurs while the Corporate Income Tax will be progressively reduced from 25% to 20% in 2018.

Additionally, Mr Ofori-Atta said the Akufo-Addo government would initiate steps to remove import duties on raw materials and machinery for production.

Speaking to journalists a few hours after the budget presentation, Sampson Awingobit, who is the Executive Secretary of the Importers and Exporters Association of Ghana, said: “Although we have a lot of challenges at the ports and customs, the scrapping of the import levy has taken away a chunk of our burden and we are extremely happy. We commend the government for honouring its campaign promise they made to us during the campaign season in 2016.”

He added: “I was in parliament when the minister was reading the statement and I took note of every single item he mentioned, and, so, I can confidently describe this budget as ‘Ahot?’ (Relief) budget. This will go a long way to grow businesses in Ghana and in the end these businesses expanding to employ more people. As we speak now there is a massive celebration at Abossey Okai (Accra’s spare parts hub) upon the announcement by the Finance Minister. We thank the President so much. Ghanaians will start feeling the impact of this decision soon after parliament has approved the budget.”

-Classfmonline

ABOUT: Nana Kwesi Coomson

[email protected]

A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

view all posts by: Nana Kwesi Coomson  

Leave a Reply

Your email address will not be published. Required fields are marked *

ABOUT 233TIMES

233times.com is a Ghanaian media house which serves as a major source of exclusive interviews ,music and video downloads, news and more.

233times.com reports on major events,news covering entertainment, politics, sports, etc from within Ghana, Africa and beyond.

We have a platform for the amateur artistes to portray their staggering talents ...more...

WE ON SOCIAL MEDIA. FOLLOW US

facebook twitter youtube google plus linkedIn

To advertise with us or make enquiries, please visit 233times.com/advertise or call +233249455142 (Selorm), +233248185848 (Nana Kwesi)