Volkswagen, Nissan to get tax breaks for plants in Ghana

News24
18 Aug 2019, 17:43 GMT+10

Ghana will offer tax breaks of up to 10 years to automakers that set up local manufacturing plants, as the government seeks to attract international companies such as Volkswagen and Nissan.

Volkswagen and Nissan both agreed last year to set up auto-assembly plants if Ghana signed off on an official incentive plan, while Renault SA said in January it would consider a similar move. In March, Toyota and Suzuki announced a joint venture to produce vehicles in the nation.

Ghana's move to lure carmakers follows 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 moribund economy, accounting for about 7% of GDP.

The full 10-year tax break will only apply to companies building whole vehicles in Ghana, though a five year holiday will be available for partial manufacturing, Trade Minister Alan Kyerematen said in a presentation.

Import duties on new and used vehicles will be increased to 35% from 5%-20% to encourage the purchase of locally built units, while bringing in cars, which are older than 10 years, will be banned, he said.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sierra Leone Times.

More Information

null in null

Business

Section

UBS faces $26B capital demand under Swiss post-crisis plan

Switzerland hits UBS with $26B capital rule after CS takeover

BERN, Switzerland: UBS faces a sweeping new capital requirement from the Swiss government, which this week proposed changes that could...

Inside the viral world of Walmart’s high-paid cake artists

Walmart's cake decorators now earn the highest hourly store pay

NEW YORK CITY, New York: At a Walmart Supercenter in New Jersey, buttercream borders and edible-ink cartoons aren't just about sweet...

U.S. stocks directionless, although Nasdaq Composite adds 61 points

Wall Street subdued as Dow Jones index dips 1 point

NEW YORK, New York - Wall Street delivered a split performance on Monday, with the Nasdaq Composite notching up gains while the Dow...

Kering eyes partial sale of Fifth Ave building to cut debt

Kering in talks to sell stake in $1 billion Fifth Avenue property

NEW YORK CITY, New York: Luxury group Kering is in exclusive discussions to sell a stake in its prime New York real estate asset on...

P&G announces 7,000 job cuts in two-year global restructuring

P&G to cut 7,000 jobs, streamline brands amid tariff pressures

CINCINNATI, Ohio: Facing global economic headwinds and mounting tariff pressures, Procter & Gamble announced plans this week to cut...

Tesla faces EV market pressure as May sales slide in Europe

Tesla sales fall again in Europe ahead of new Model Y rollout

AMSTERDAM, Netherlands: Tesla saw a sharp decline in sales across several major European markets in May, marking its fifth consecutive...

Africa

Section