The government has decided to waive import duties on electric vehicles (EVs) designated for public transportation for a period of eight years as part of its fiscal measures, according to Finance Minister Ken Ofori-Atta, who made this announcement during the presentation of the 2024 Budget and Economic Statement to Parliament on Wednesday.

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.

Furthermore, the Finance Minister announced that all sanitary pads made in the country would now be zero-rated in an effort to promote menstrual hygiene and affordability.

“Mr. Speaker, further to the above, the following reliefs have been prioritized for implementation:

i. Extend zero rate of VAT on locally manufactured African prints for two (2) more years;

ii. Waive import duties on the import of electric vehicles for public transportation for 8 years;

iii. Waive import duties on semi-knocked-down and completely knocked-down Electric vehicles imported by registered EV assembly companies in Ghana for 8 years;

iv. Extend zero rate of VAT on locally assembled vehicles for two more years;

v. Zero rate VAT on locally produced sanitary pads;

vi. Grant import duty waivers for raw materials for the local manufacture of sanitary pads;

vii. Grant exemptions on the importation of agricultural machinery equipment, inputs, medical consumables, and raw materials for the pharmaceutical industry;

viii. A VAT flat rate of 5 percent to replace the 15 percent standard VAT rate on all commercial properties will be introduced to simplify administration.