2017 budget: Highlights of tax reliefs

Government has introduced a number of tax reliefs in the 2017 budget statement and economic policy, the Finance Minister, Mr Ken Ofori-Atta has announced.

Below are some highlights of various taxes that have been abolished by the government.

• The 1% Special Import levy
• Kayayei Market tolls
• 17.5% VAT/NHIL on financial services
• 7.5 % VAT/NHIL on selected imported medicines, that are not produced locally
• 17.5% VAT/NHIL on domestic airline tickets
• 5 % VAT/NHIL on Real Estate sales
• Replaced 17.5% VAT/NHIL with 3 % flat rate for traders
• Tax credits and other incentives for businesses that hire young graduates from tertiary institutions
• Tax incentives for Young Entrepreneurs
• Duty on imported spare parts
• Corporate income tax to be progressively reduced from 25% to 20% in 2018