Government on Thursday made a loud statement in Parliament with the announcement of its decision to remove many “nuisance” taxes and duties on certain products that have militated against the development of the private sector.
Presenting the 2017 budget and economic policy statement to Parliament today, Finance Minister Ken Ofori-Atta said the 17.5 percent VAT/NHIL on financial services introduced by the erstwhile government would be abolished.
Also, he said VAT on selected imported medicines that are not produced locally would be abolished as the government takes steps to abolish import duties on raw materials and machinery for production.
Mr. Ofori-Atta also said the government will remove tax on domestic airline tickets as well as abolishing 5 percent VAT/NHIL on real estate sales.
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