Vice President Dr. Mahamadu Bawumia has hinted that government will soon scrap import duties on raw materials and machinery.
The move is to enhance competition and effectiveness in the business environment.
Importers had earlier complained of the huge charges on building materials and Machinery, urging government to review charges on them at the ports.
They argued that the continuous imposition of the levies is causing a strain on their businesses.
But addressing a German delegation headed by the German Ambassador to Ghana in Accra, Dr. Bawumia assured importers that plans are far advanced to eliminate import duty on raw materials and machinery.
“We saw the real estate VAT abolished, we saw the financial service VAT abolished, we saw the domestic airline ticket VAT abolished, we saw a major reduction on the tax on small businesses from 17.5% to 3%, and the special import levy of 1% was also abolished and so on.”
“We have also signaled that in the not too distant future, we will eliminate all import duty on raw materials and imported machinery for production. So those are elements to signal our commitment to improving our business environment and to get people to focus on production and to give incentives for production,” he said.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.
Published on 2 April 2017 | 12:00 pm at Source