2017 budget: Highlights of tax reliefs

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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
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