The Suame MP on behalf of the Government has announced a tax rebate of 30 per cent on the income tax due for companies in hotels and restaurants, education, arts and entertainment, and travel and tours for the second, third and fourth quarters of 2021.
Presenting the 2020 Budget statement to Parliament Friday, the Suame MP said, “Government in 2020 outlined a number of initiatives to cushion the effect of the pandemic on the populace.
“Some sectors of the economy and sections of the population, however, continue to suffer the devastating consequences of the pandemic.”
For operators of small businesses using the income tax stamp system, the government is suspending the quarterly income tax installment payments for the second, third, and fourth quarters of 2021.
There is also anextension of the waiver of interest as an 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.
The Caretaker Finance Minister stressed that “Beneficiaries of these relieve will have to be registered with the Ghana Revenue Authority and must have fulfilled their first quarter tax obligations.”