POLITICS: "Law Banning Importation Of Salvage Vehicles Will Be Banned If I Win" - Mahama
The Presidential Candidate for the largest opposition party, National Democratic Congress (NDC) has confirmed he will scrap away the law banning the importation of salvage vehicles in the country when given the nod come December 7.
According to him, the scraping move forms part of the private sector tax initiatives for the people of Ghana.
Speaking at the launch of their People's Manifesto, the Presidential Candidate said "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"
He added that small businesses will be exempted entirely from corporate and personal income tax adding corporate income tax for medium size companies will be reduced from the current 25% to 15%
"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 added.
Mr Mahama stressed that the NDC government will at all cost review the Customs (Amendment) Act, 2020 (Act 1014) to scrap the law banning the importation of salvaged vehicles.
He said "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" ThinkNews Online has gathered that the country's parliament in 2020 passed the Customs Amendment Bill ceasing the importation of used vehicles older than 10 years and accident vehicles.
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It is emerging that 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).
It will be increasing 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 he country.
Story by: Joshua Kwabena Smith