The government has announced the suspension of the vehicle income tax for trotros and taxis.
The move, the caretaker Minister of Finance, Osei Kyei Mensa Bonsu said is to have a cascading effect on transportation fares under its tax relief programme.
According to him, small businesses will enjoy the suspension of income tax stamp payments.
Osei Kyei Mensa Bonsu reading the budget statement and economic policy of the government in Parliament on Friday, March 12, 2021, announced a 30% corporate income tax relief for hotels, restaurants, travel and tours, as well as the arts, entertainment, and education sectors.
He said a “waiver of penalty and interests on accumulated tax arrears up to December 2020 to reduce cash flow challenges.”
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