Business News of Thu, 2 Mar 201711
Import duties on auto spare parts to be abolished - 2017 Budget
The government plans to remove import duties on automobile spare parts to help reduce prices of vehicle spare parts in the country, the Finance Minister, Mr Ken Ofori-Atta has said.
This, however means that buyers of automobile parts will enjoy relief on vehicle spare parts following the abolishment of the import duties on spare parts.
The Association of Used Auto Parts Dealers (ASUAPAD) last week called for a reduction in the tax stamps, three per cent flat Value Added Tax (VAT) and the Common External Tariff (CET) that is implemented across the ECOWAS sub region.
Presenting the 2017 budget statement, Mr Ofori-Atta, explained that this was part of an initiative to improve the ease of doing business for importers in the automobile industry.
He added that the government would introduce several reforms in order to grow the private sector.
“We will create wealth and improve people’s lives by ensuring economic freedom as the mainstay of the economy,” he said.
“We are committed to cleaning up our public finances, managing the enormous debt that we have inherited in order to create the needed fiscal space, invest in critical infrastructure and empower the private sector to create jobs,” Mr Ofori-Atta added.
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