The Minister of Trade and Industry Alan Kyeremanteng says government will abolish duties paid on imported raw materials, machinery and equipment to bring relieve to players in industrial development of the payment of higher duties.
“We also have committed to reduce or to abolish duties on imported raw materials, machinery and equipment and I think for many people who are into industrial development, they recognise the importance of such a policy measure,” he said.
Appearing before the vetting committee in parliament, Alan Kyeremanteng revealed that government is committed to abolishing the special import levy together with other levies at the ports of Ghana.
“We are also committed in making sure that all the duties, levies that are charged on imports at the port because it’s not only the ones what we are talking about, several charges, levies that are imposed at the ports for example, we commit to reduce all in specific cases,” he said.
He said for smaller companies, the 17.5 percent VAT charged for companies including micro enterprises will be reduced to 3%.
“For companies including microenterprises now, will be reduced for micro and small scale enterprises to 3%. This is something that was introduced previously in our administration. So there is a whole cocktail of duties and levies that are going to be addressed. This is part of the policy reform that we will be looking at so if it is only in respect of tax reform, then these are some of the examples,” he said.
Trade and Industry Minister also said government will promote exports by expanding the country’s export base to generate enough foreign exchange to support the local currency.
“Within the same context, we have also talked about enhancing export generation activities. We have discussed the issue of cassava starch but for garments and textiles, I’m sure members will recall that for the first time in the history of our country, we made significant improvement in terms of our export to the US market and to other market destinations,” he said.