The government is eliminating taxes on sanitary pads made in the country, according to a statement made by Finance Minister Ken Ofori-Atta.
He said that in order to lessen Ghanaians’ financial hardships, the New Patriotic Party (NPP) administration is implementing these fiscal measures.
Mr. Ofori-Atta stated the following while introducing the 2024 Budget and Economic Statement to the Parliament in Accra:
In addition, Mr. Speaker, the following reliefs have been given priority for execution:
i. Continue to apply the zero percent VAT rate to locally produced African prints for an additional two years;
ii. Eliminate import taxes for eight years on the import of electric cars used for commuting;
iii. Eliminate import taxes for eight years on electric vehicles imported by Ghanaian registered EV assembly companies that are partially or fully knocked down;
iv. Continue the two-year zero percent VAT period for locally assembled automobiles;
v. Locally made sanitary pads are subject to zero rate VAT
vi. Exempt import duties on raw materials used in the domestic production of sanitary pads;
vii. Exempt medical consumables, pharmaceutical raw materials, and agricultural machinery, equipment, and inputs from import duties;
viii. To streamline administration, a flat VAT rate of 5 percent will be implemented for all commercial properties, replacing the current standard VAT rate of 15 percent.
Furthermore, Ofori-Atta revealed that, for the same eight-year period, import duties would not apply to fully or partially knocked down electric vehicles imported into the nation by registered EV assembly companies.