Government also intends to reduce the special petroleum tax rate from 17.5% to 15%.(file photo)
Excise duty on petroleum products will soon be scrapped by the Akufo-Addo government, Finance Minister Ken Ofori-Atta has announced in the new government’s maiden budget.
In addition to abolishing excise duty on petroleum products, the government also intends to reduce the special petroleum tax rate from 17.5% to 15%.
Additionally, other taxes will also either be abolished completely or reduced to create a conducive business environment.
Those to be abolished, according to Mr Ofori-Atta, are:
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
7. Kayayei market toll
Additionally, Mr Ofori-Atta said the Akufo-Addo government would initiate steps to remove import duties on raw materials and machinery for production.
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