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Parliament approves US$2.068million tax waiver on inputs under 1D1F


  18 Juillet      11        Politique (11494),

   

By Christopher Arko, GNA

Accra, July 17, GNA- Parliament has approved a total of $2.068million tax waiver on machinery, equipment and raw materials to be procured by three companies under the One District One Factory (1D1F) Programme of the Government of Ghana.

The companies are Accum Energy Ghana Limited, Vester Oil Mills Limited and Ada Premium Diaper Care Limited.

The request is for the waiver of Import Duty, Import NHIL, Import GETFund Levy, Import VAT and EXIM Levy amounting to US$1,208,404.00 for Accum Energy Ghana Limited, US$814,874.00 for Vester Oil Mills Limited and US$44,990.00 for Ada Premium Diaper Care Limited on machinery, equipment and raw materials to be procured by the three companies respectively.

Dr Mark Assibey-Yeboah, Chairman of the Finance Committee in presenting the Committee’s report, observed that Accum Energy is a Ukrainian company that deals in the production of batteries for cars, trucks, motorcycles and tractors. It produces over 300,000 batteries per annum.

He said the company intending to access the African market therefore established a local subsidiary known as Accum Energy Ghana Limited. The local company has the responsibility of producing batteries for the African market.

He said in order to achieve this objective, the parent company has provided Accum Energy with a credit facility of $5.8million to enable it procure the needed equipment and machinery to be used for the battery production.

The company applied for a 1D1F status in order to benefit from the tax incentives and waivers approved for the programme.

Dr Assibey-Yeboah also explained that Vester Oil Mills Limited specializes in the processing of soya beans and peanuts into good quality meal for livestock and poultry, using mechanical expellers. It also manufactures soya oil for consumption.

He said the company currently supplies its products to the local market as well as some West African countries and Spain. In order to meet the growing demand, the company intends to establish a feed mill which is estimated at US$3.12million.

He said in order to undertake the project, the Ghana Exim Bank would provide the financing to procure the needed equipment and parts.

The request for the tax waiver is to enable the company clear the equipment and parts for their operations.

Dr Assibey-Yeboah also indicated that the Ada Premium Diaper Company specializes in the manufacture of diapers and sanitary pads for both domestic and other West African markets.

He said in order to meet its current demand, the company is undertaking a project to expand its output. This involves the acquisition of machinery, equipment and raw materials. The cost of the project is estimated at GH9,143,506.00 made up of GH5,393,506.00 in equity and GH3,750,000.00 as loan.

He said in order to undertake the project, the company intends to benefit from the incentives under the 1D1F programme in order to clear its goods at the port. It was in that vein that the request for the waiver of taxes and duties was being made in respect of Ada Premium Company.

The implementation of the projects would increase employment, export earnings, the quality of poultry feed and livestock production.

The importation of baby diapers, sanitation pads, as well as car batteries would also reduce.

Mr Ras Mubarak, Member of Parliament (MP) for Kumbungu, seconding the motion, said despite the challenges of COVID-19, it however provides unique opportunities for the nation to promote companies to do business that would ultimately provide jobs for the young men and women of the country.

He said the pandemic also provides the country with the opportunity to stop capital flight by promoting more local business and increase export earnings.
GNA

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