Flagbearer of the NDC John Mahama says the party will scrap the law banning the importation of salvage vehicles in the country when voted back into power.
Speaking at the launch of their People's Manifesto, John Mahama said as part of the Private Sector Tax Initiatives for the people of Ghana, "from 2021, MSMEs will be given tax reliefs to support their operations. Within the first three months of 2021, the NDC Government will lay before Parliament several bills that will seek to grant the following tax reliefs to MSMEs.
Small businesses will be exempted entirely from corporate and personal income tax. Corporate income tax for medium size companies will be reduced from the current 25per cent to 15per cent.
Newly established medium-sized companies that employ up to twenty (20) staff will also be exempted entirely from the payment of corporate income tax for one year and newly established medium companies that employ more than twenty (20) staff will be exempted entirely from the payment of corporate income tax for two years.
Exempt commercial vehicles and other equipment imported into the country for commercial, industrial and agricultural purposes from import duty.
He also stated that the party will review the Customs (Amendment) Act, 2020 (Act 1014) to scrap the law banning the importation of salvaged vehicles. This will save the local automotive industry, especially Suame Magazine, Kokompe and Abossey Okai from collapse encourage vehicle assembling companies to operate as a complement to local industry, reverse the decoupling of VAT (12.5 per cent), NHIL (2.5 per cent), GETFund (2.5 per cent), which has brought untold hardship to Ghanaian businesses and households.
Parliament of Ghana this year passed the Customs Amendment Bill banning the importation of used vehicles older than 10 years and accident vehicles.
The Bill was opposed by the Minority and vehicle dealers across the country, but the House after scrutinising the bill passed it today, February 12, 2020.
The Customs (Amendment) Bill, 2020 seeks to amend the Customs Act, 2015 (Act 891) to provide incentives for automotive manufacturers and assemblers registered under the Ghana Automotive Manufacturing Development Programme (GAMDP).
The Bill is also said to increase the import duty on specific motor vehicles and provide import duty exemptions for the security agencies and officers of the security agencies especially those who go on various assignments and peacekeeping in the security interest of Ghana.
The Bill will prohibit the importation of salvaged motor vehicles comprising wrecked, destroyed, or physically damaged by collision, fire, water or other occurrences as well as specified motor vehicles over 10 years of age into the country.
The Bill will also increase the import duty on specific motor vehicles and provide import duty exemptions for the security agencies and officers of the security agencies especially those who go on various assignments and peacekeeping in the security interest of Ghana.