GOVERNMENT COMMITTED TO TAX EXEMPTIONS ON EQUIPMENT FOR IDIF-TRADE MINISTER


The Minister for Trade and Industry, Mr. Alan Kwadwo Kyeremanten has reiterated government readiness to 100% exempt  taxes on import duties and levies on equipments, machinery, plants and parts and raw materials which will be coming in for the One district
one factory project.
This, he said is under the HS Codes Chapter 82, 84, 85 and 98.
“An enterprise whose Plant, Machinery or Equipment and Parts are not zero rated under the Customs, Excise and Preventive Service Management Act, 1993 may submit an application for exemption from import duties and related charges on the plant, machinery or equipment at the Customs Division of Ghana Revenue Authority (GRA)”, he disclosed.
The Minister mentioned this on a One-One interaction on Oman FM this morning. Guarantee against nationalization and expropriation of investments in 1D1F companies.
Mr. Kyeremanten who was excited talking about the measures put in place so far for the 1d1f said, 100% foreign owned companies with investment of USD700,000 and above can employ four (4) expatriate workers whilst 100% foreign owned companies with investment between USD500,000 and USD700,000 are allowed to employ three (3) expatriate workers. 
He was quick to add that, standardized interest rates to be charged by 1D1F Participating Financial Institutions (PFIs) shall not exceed 20% per annum; associated net interest rate to be paid by beneficiary 1D1F companies shall not exceed 10%.
He revealed that, a special credit risk insurance guarantee scheme shall be established for 1D1F companies.
Mr. Kyeremanten said Government has mobilized over Ghs2.5 billion from the following local Financial Institutions to support the 1D1F programme: GCB Bank, EXIM Bank of Ghana, Universal Merchant Bank (UMB) , United Bank for Africa (UBA) , Agricultural Development Bank, Ecobank Ghana , Societe Generale and Fidelity Bank
Some  foreign institutions from UK, US and China have pledged over $700 million in support of the 1D1F programme.

Comments

Post a Comment

Popular posts from this blog

"Support Passage And Enforce Vigilante Law" - President Akuffo-Addo To Police

Image
“As you know, I have tasked the Attorney General to prepare and submit to Parliament, as soon as possible, specific legislation to deal with this phenomenon of vigilantism, and provide appropriate sanctions against its occurrence. I am asking for the full support of the Police Service in the passage of the law, and in its enforcement. We owe it to the Ghanaian people and to generations yet unborn to maintain the peace and stability of our nation, which our generation enjoys.” These were the words of the President of the Republic, Nana Addo Dankwa Akufo-Addo, at the end-of-year WASSA of the Ghana Police Service, on Friday, 22nd March, 2019, at the Police Headquarters. In his remarks, the President reiterated his commitment to ending the worrying and unacceptable phenomenon of vigilantism in our body politic. “As I indicated in my Message on the State of the Nation to Parliament, I am determined to end acts of political party vigilantism. I have said so on several occasions, and I will
Read more

MILITARY OFFICER KILLED AHEAD OF HIS WEDDING DATE ON 6TH OCTOBER,2018

Image
"I’m just lying in bed, looking at the ceiling and asking myself what’s the purpose of life? Is it not the peak of heartlessness to knock down a fellow being and speed off? To you, the driver of the WHITE saloon car, who hit Lt. Felix Sormenah at Aburi on Tuesday, September 4, 2018 and bolted; may you never find peace. One of your driver’s mirrors, which got yanked off due to the impact of your recklessness is with the police. Help Please, don’t be an accessory to murder if your friend, husband, brother or uncle came home that night without a driver’s mirror or confessed his deed to you. He hit a military officer, who was training officer cadets and never stopped to help. His action took the life out of a fine officer, who was to marry on October 6, 2018 (attached to the picture is the wedding invitation). Dear friends and followers, let’s share this narrative until the driver reports himself to the police. Rest In Peace, Felix. My children are equally heartb
Read more