Kayayei tax abolished – 2017 budget

‘Kayayei’ – Ghanaian porters

Government has decided to abolish market tolls paid by head porters (Kayayei), the Finance Minister Mr Ken Ofori-Atta has announced.

This, according to him formed part of a number of tax reliefs introduced by the the New Patriotic Party (NPP) government.

Presenting the much anticipated 2017 budget statement on Thursday, Mr Ofori-Atta mentioned a number of other taxes which the new government has planned to abolish as a way of bringing relief to Ghanaians.

Below are some highlights of various taxes abolished by 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

Source: GraphicOnline