Government to extend VAT relief on African prints for local manufacturers – Minister

Govt committed to supporting local business, Adu Boahen

Govt to reduce withholding tax rate for gold to 1.5%, Finance Minister of State

Local business would hear good news soon on benchmarks, Adu Boahen

The Minister of State at the Finance Ministry, Charles Adu Boahen, has said that government would extend the Value Added Tax (VAT) relief on African print to enable manufacturers make their goods affordable to Ghanaians.

The Minister, who disclosed this at the investiture of the new president of the Association of Ghana Industries (AGI), said the extension of the VAT formed part of the government's effort to support local business.

According to Charles Boahen, the government would also reduce the withholding tax on unprocessed gold, from three percent to 1.5 percent in other to help make small scale mining industry more lucrative.

“We will extend VAT relief on African prints for local textile manufacturers. We’ve implemented the common platform for property rate administration, beginning this month. We will also reduce the withholding tax rate for the sale of unprocessed gold, from 3% to 1.5% which should increase the formalisation of the small-scale mining sector and consequently increase penetration,” he was quoted by myjoyonline.com.

On the benchmark policy, Adu Boahen said the consultation with President Nana Addo Dankwa Akufo Addo after suspending the reversal of benchmark discount was progressing smoothly.

He, therefore, urged members of AGI to be optimistic because they would soon hear good news.

“There is continued engagement with stakeholders on the Benchmark Value policy and I’m sure we will find ourselves with some good news with respect to the policy,” the minister said. Read Full Story