Business NewsFEATUREDGeneral NewsTOP STORIES

Gov’t scraps vehicle income tax for trotros and taxis

The government has announced the suspension of the vehicle income tax for trotros and taxis so as to have a cascading effect on transportation fares under its tax relief programme.

This was announced by caretaker Finance Minister Osei Kyei-Mensah-Bonsu when he read the 2021 budget in Parliament on Friday, 12 March 2021.

Also, he said small businesses will enjoy the suspension of income tax stamp payments.

The Majority Leader also announced a 30% corporate income tax relief for hotels, restaurants, travel & tours, as well as the arts, entertainment and education sectors.

The Minister of Parliamentary Affairs also announced a “waiver of penalty and interests on accumulated tax arrears up to December 2020 to reduce cash flow challenges”.

He said it is targeted at companies and individuals.


Related Articles

Leave a Reply

Back to top button
%d bloggers like this: