Businesses continue to be encouraged not to lose sight of the government’s tax waivers to enable them to grow and sustain their operations.
Tax analyst and Senior Lecturer at the University of Ghana School of Law, Dr. Abdallah Ali-Nakyea, says there exists an array of incentives, tax exemptions, and rebates that, Micro Small and Medium Enterprises (MSME) could take advantage of. He has thus urged them not to be hesitant in doing so.
Speaking on the weekly virtual forum of the ongoing Citi Business Festival on Citi TV for the month of June, Dr. Abdallah Ali Nakyea said, “so the incentives come with the sector you find yourself in.”
He was speaking on the theme: “Doing Business in Ghana as an MSME”.
According to Dr. Ali-Nakyea, individual business owners and businesses in sectors including mining, waste collection, Information Technology, and others all have some tax reliefs in law.
“If you look at the provisions for tax and incentives reliefs; if you are 35 years and below, there are incentives for you if you are into IT or manufacturing. You have five-year tax holidays to enable you to start up and make it. Also depending on the sector, for instance in the hospitality industry, they have been given 35 percent rebates of their taxes”, he said.
The tax analyst further explained that; “those operating in the Microbusiness sector are not supposed to pay any tax stamp from the second to the fourth quarter in 2021. They have been given exemptions together with taxi and trotros in the enjoyment of those reliefs”
About the Citi Business Festival
The Citi Business Festival is an extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.
This year’s edition is hinged on five thematic areas, namely:
Week 1: Digital Economy – Building a cashless society and the opportunities for business and job creation.
Week 2: Doing business in Ghana.
Week 3: AgriBusiness – Feeding Ghana with a sound import substitution strategy.
Week 4: Trade – AfCFTA: Opportunities for investment & Job creation in Ghana.
Week 5: Oil and Gas – The opportunities for indigenous businesses.
There will be virtual business fora live on Citi TV every Tuesday from 11:00 am to 1:00 pm for the month of June.
The radio on-air series, from Monday to Thursday on the Citi Breakfast Show, is themed to correspond with the virtual fora.
The Citi Business Festival is sponsored by Absa Bank Ghana with support from IT Consortium and Ghana Investment Promotion Centre (GIPC).
It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.