President Nana Akufo-Addo
GOVERNMENT, LAST year, outlined a number of initiatives to cushion the effect of the pandemic on some sectors of the economy and sections of the population; these continued to suffer the devastating consequences.
It is for such reasons that government is rolling out some additional reliefs for different sections of the population, especially those hit hardest by the pandemic.
The 2021 Budget Statement and Economic Policy, presented to Parliament on Friday in Accra, which made this known, indicated a tax rebate of 30 per cent had been provided on the income tax due for companies in hotels and restaurants, education, arts & entertainment, and travel and tours for the second, third and fourth quarters of 2021.
It also provided tax stamps by which the quarterly income tax installment payments for the second, third and fourth quarters of 2021 for small businesses using the income tax stamp system had been suspended, while on vehicle income tax the suspension of quarterly installment payments of the vehicle income tax for the third and fourth quarters of 2021 for ‘trotros’ and taxis had been provided as part of measures to reduce the cost of transportation.
Also, government has provided the extension of the waiver of interest as incentive for early payment of accumulated tax arrears.
“There will be 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,” it mentioned, adding, “Beneficiaries of these relieves will have to be registered with the Ghana Revenue Authority (GRA) and must have fulfilled their first quarter tax obligations.”
BY Samuel Boadi