Government has announced the suspension of vehicle income tax for beneficiaries of commercial public transport popularly called Trotros and taxis to reduce the cost of transportation under its tax relief program.
Small businesses will also enjoy the suspension of income tax stamp payments.
This was contained in the 2021 Budget statement read in Parliament by the Minister for Parliamentary affairs and Majority Leader Osei Kyei Mensah Bonsu on 12th March 2021.
Mr. Kyei Mensah Bonsu also announced tax relieves of 30% on corporate income tax to benefit hotels, restaurants, education, arts & Entertainment as well as travel and tours.
“A waiver of penalty and interest on accumulated tax arrears up to December 2020 to reduce cash flow challenges will also target companies and individuals,” he said.