Prime News Ghana

Parliament approves guidelines to regulate the grant of tax waivers for 1D1F projects

By PrimeNewsGhana
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Parliament has approved a set of guidelines to regulate the grant of tax waivers for the one district, one factory policy of government.

According to government figures, over 270 projects are currently underway under the policy.

Among the guidelines include a ban on the grant of waivers on the importation of products for 1D1F, which are available in Ghana.

The Chairman of the Finance Committee in Parliament, Kwaku Kwarteng, justified the need for these guidelines in the House on Wednesday.

“The reason we’re bringing these guidelines is the fact that this initiatives provides incentives to create jobs, spread industrialization, and help companies that are expanding. Paragraph 6(1) of the report says that for companies that are moving to set up factories in new districts have these taxes that they could enjoy relief from; import GETFUND levy, import NHIS levy, EXIM levy, import duty, corporate income tax for the first five years. In paragraph 6(2), we have limited scope of exemptions for companies that are not moving to new districts but are distressed and need help.”