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            september 16, 2019

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Indiaexportnews.com

Ghana offers tax breaks to car manufacturers like Volkswagen and Nissan

  20.08.2019    

Automakers that establish manufacturing plants in Ghana will be entitled to ten-year tax breaks as part of a government push to attract international companies such as Volkswagen AG and Nissan Motor Co.
Both Volkswagen and Nissan agreed last year to establish auto-assembly plants provided Ghana signed off on an official incentive plan, while Renault SA said in January it would consider a similar move. In March, Toyota Motor Corp and Suzuki Motor Corp announced a joint venture to manufacture vehicles in the country, reported Bloomberg.
Ghana's efforts to lure carmakers follows in the footsteps of South Africa, which has attracted seven manufacturers including Renault, Nissan and Toyota with tax incentives. That's produced one of the bright spots of an otherwise stagnant economy, contributing seven per cent to GDP.
The full 10-year tax break will only be applicable to companies building whole vehicles in Ghana, though a five-year holiday will be available for partial manufacturing, Trade Minister Alan Kyerematen revealed in a presentation.
Import duties on new and used vehicles will be raised to 35 per cent from 5-20 per cent to encourage the purchase of locally built units, while bringing in cars, which are older than 10 years, will be banned, the minister said.



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