Spare part dealers in Ghana jubilate over tax cut

There was jubilation at  Abossey Okai in Accra and Suame Magazine in Kumasi, Ghana's major spare parts hubs, when Finance Minister, Ken Ofori Atta, announced that taxes on imported spare parts were abolished. 

In the maiden budget statement of the Akufo-Addo government to parliament, the Finance Minister announced government's decision to abolish eight taxes and reduce four others, many of which were introduced by the previous government. 

Those scrapped are the 1% Special Import Levy, Kayayei market tolls, 17.5% VAT-NHIL on financial services, 17.5% VAT/NHIL on selected imported medicines that are not produced locally,17.5% percent VAT-NHIL on domestic airline tickets,  Duty on imported spare parts, 5% VAT-NHIL on Real Estate sales and  Excise duty on petroleum.

The excited dealers said the good news will help them make profit and engage more hands in their trade.

At the Suame Magazine in Kumasi, the dealers told Correspondent Gloria Anderson that the move by the Finance Minister will improve their business which was almost on the verge of collapse.  

GBC