2021 budget: Gov't to suspend vehicle income tax for commercial vehicles - Kyei-Mensah-Bonsu

2021 budget: Gov't to suspend vehicle income tax for commercial vehicles - Kyei-Mensah-Bonsu

The Majority Leader and Parliamentary Affairs Minister, Osei Kyei-Mensah-Bonsu has announced that government would suspend the vehicle income tax for commercial vehicles.

He explained that the suspension would take effect from the second and third quaters of 2021.

This according to him, is part of measures to reduce the cost of transportation for all commercial transport users.

The tax exemptions are to cushion the sector against the economic effects of the COVID-19 global pandemic.

He also indicated that government would suspend the third and fourth quarter instalment of income tax stamps for small scale businesses.

Osei Kyei also stated that as part of efforts to revamp the Tourism, Culture and Creative Arts industry, government has granted tax breaks to companies within the sector.

According to him, this forms part of the government’s broader economic recovery plan to get the Ghanaian economy back to its previous state.

“Government will provide corporate income tax rebate of 30% to companies hard hit by Covid-19 pandemic for Quarter 2 to Quarter 4 of 2021.
Targeted companies include those in the accommodation and food services, Education, Arts and Entertainment, and Travel and Tour operators,” he noted.

Source: Yen News

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