Vision1 FM                       Light FM                         Light TV

Budget 2018: Tax holiday for under-35 entrepreneurs

The Akufo-Addo government has promised tax incentives for Under-35 entrepreneurs as part of measures to “stimulate investment and to shape economic behaviour”, Finance Minister Ken Ofori-Atta told parliament on Wednesday, 15 November when he presented the 2018 budget.

 

 

Mr Ofori-Atta said the government will grant tax incentives and tax holidays to young entrepreneurs of age 35 years and below who start their own businesses based on the number of persons employed. 

 

He also said the government will review the current income tax thresholds by pegging the tax-free threshold to the current minimum wage in an effort to protect low-income earners and ensure fairness in income tax administration. 

 

Additionally, Mr Ofori-Atta said the government will introduce a Voluntary Disclosure Procedures (VDP) in the Revenue Administration Act, 2016 (Act 915) to waive penalty on voluntary disclosures and payment of unreported and understated taxes by taxpayers within a period agreed with the Commissioner-General of GRA. 

 

He said the government will also extend the National Fiscal Stabilisation Levy (NFSL) and Special Import Levy (SIL) to end 2019: as a short-term measure as efforts are made to improve compliance.

 

Also, tax breaks will be offered to help position Ghana as a higher-education hub.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: classfmonline.com

More Lifestyle..

ISF Bank to become GN Bank, USA in July ISF Bank to become GN Bank, USA in July 2018-05-21 - Dr. Papa Kwesi Nduom, Chairman of the Board of Directors of South...
Mobile Money Interoperability is a great milestone for Ghana – Governor Mobile Money Interoperability is a great milestone for Ghana – Governor 2018-05-18 - The launch of Ghana’s first Mobile Money Interoperability Payment...
Ghana's interoperability system will allow for greater financial inclusion – Vice President Bawumia Ghana's interoperability system will allow for greater financial inclusion – Vice President Bawumia 2018-05-17 - Ghana now has the most advanced electronic payments system on...
David Moyes leaves West Ham David Moyes leaves West Ham 2018-05-16 - Manager David Moyes has left West Ham after just over six months...
BoG broke – Asiama BoG broke – Asiama 2018-05-16 - A former second Deputy Governor of the Bank of Ghana, Dr. Johnson...