Hoteliers, Restaurant Owners To Enjoy 30% Tax Cut - Dr. Gideon Boako
Spokesperson for Vice President Dr. Mahamudu Bawumia, Dr. Gideon Boako believes Ghanaians have every cause to rejoice due to President Nana Akufo-Addo's tax relief package in his second term.
Presenting this year's budget statement before Parliament, the Minister for Parliamentary Affairs, Osei Kyei Mensah-Bonsu outlined some tax reliefs that the government is rolling out to cushion Ghanaians.
He touched on the tax rebate, tax stamps, vehicle income tax and an extension of the waiver of interest as incentive for early payment of accumulated tax arrears.
"Suspension of quarterly instalment payments of the vehicle income tax for the third and fourth quarters of 2021 for Trotros and Taxis as part of measures to reduce the cost of transportation; Extension of the waiver of interest as incentive for early payment of accumulated tax arrears: A waiver of penalty and interest on accumulated tax arrears up to December 2020 to reduce cash flow challenges for companies and individuals who arrange terms with GRA to pay up the principal by September 2021. Beneficiaries of these relieves will have to be registered with the Ghana Revenue Authority and must have fulfilled their first quarter tax obligations," Hon. Kyei Mensah-Bonsu stated.
Discussing the budget statement on Peace FM's ''Kokrokoo'', Dr. Gideon Boako threw the spotlight on the tax reliefs for hoteliers, eatery managers and educational institutions in the country.
Dr. Boako echoed that the government is providing a major tax incentive to the aforementioned business entities.
He expressed delight over the government's tax reliefs stressing ''the government has given tax reliefs of 30 percent on corporate income tax to benefit hotels, restaurants, education institutions, arts and entertainment as well as travel and tours sectors''.
He also optimistic about the tax waiver that the government is giving to businesses with tax arrears.
"The government has also given waiver of penalty and interest on accumulated tax arrears up to December 2020 to reduce cash flow challenges," he said.
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