Government has reiterated its commitment to ensuring that local companies thrive by announcing that young business owners in the country will receive tax holidays.
Finance Minister, Ken Ofori-Atta, made the announcement on the floor of Parliament yesterday, when he presented the government’s budget and policy statement for 2018.
According to the minister, government will through the National Entrepreneurship and Innovation Plan (NEIP), grant tax holidays to the beneficiaries based on the number of people they employ.
The companies will also be allowed to carry forward their losses for a period of five years.
“As a further commitment to creating a supportive ecosystem for young Ghanaian entrepreneurs of age 35 years and below, who start their own businesses, government will through the National Entrepreneurship and Innovation Plan (NEIP), grant tax holidays based on the number of persons employed by a start-up or early-stage business,” he said.
“A preferential tax rate of between 3 to 5 years will be granted after the tax holiday.”
Story: Kofi Owusu Tawiah