{"id":373991,"date":"2017-11-15T13:14:07","date_gmt":"2017-11-15T13:14:07","guid":{"rendered":"http:\/\/citifmonline.com\/?p=373991"},"modified":"2017-11-15T13:47:52","modified_gmt":"2017-11-15T13:47:52","slug":"ghbudget-young-entrepreneurs-to-get-tax-holidays-govt","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/11\/ghbudget-young-entrepreneurs-to-get-tax-holidays-govt\/","title":{"rendered":"#GhBudget: Young entrepreneurs to get tax holidays – Gov’t"},"content":{"rendered":"
Government has reiterated its commitment to ensuring that local companies thrive by announcing that young business owners in the country will receive tax holidays.<\/p>\n
The Finance Minister, Ken Ofori Atta, made this announcement on the floor of Parliament today, Wednesday, November 15, whilst presenting the government’s budget and policy statement for 2018.<\/p>\n
[contextly_sidebar id=”6AYnmXGTzmk8EQu9aRUUnzGhCW0pwikF”]According to the Minister, the government will through the National Entrepreneurship and Innovation Plan (NEIP), grant the tax holidays to the beneficiaries based on the number of people they employ.<\/p>\n
The companies will also be allowed to carry\u00a0forward their losses for a period of five years<\/p>\n
\u201cAs 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,\u201d he said.<\/p>\n
\u201cA preferential tax rate of between 3 to 5 years will be granted after the tax holiday.\u201d<\/p>\n
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This announcement by the Finance Minister follows calls for the government to provide “deliberate support\u201d to Ghanaian entrepreneurs to enable them grow their businesses.<\/p>\n
A Board Member of GHACEM, Ghana\u2019s leading cement manufacturer, Dr. Ishmael Yamson, said in September: \u201cdoing business in this country is not easy, and we have to make it easy for businesses to flourish. There is no way we are going to create businesses, create wealth, we are going to create jobs, create widespread prosperity if doing business in this country is not made easy.\u201d<\/p>\n