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Business News Wed, 3 Jun 2020

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Coronavirus: Amend tax laws to save hard hit businesses - Tax Analyst to govt

Tax Analyst, Dr Ali Nakyea has advised government to amend some tax laws to support businesses that have been adversely hit by the coronavirus pandemic.

According to him, the move will allow government to examine a further impact, to allow it conduct an assessment towards the next budget presentation.

Speaking at the 2020 Citi Business Festival on theme; ‘Tax Compliance in Abnormal Times’ Dr. Ali Nakyea said; “We [government] may have to look at which tax law that needs to be amended. If even we can give the amendment a life span up to the end of year will be good because should this coronavirus pandemic last for the next two or three years, can we have these laws amended that impact on businesses at least to the end of this year”

“This will allow for us to examine what impact an amendment will have in order to allow government to prepare its budget to see which areas will need a temporal or permanent amendment of tax laws”

The tax analyst adds that the filing of Value Added Tax (VAT) returns was imperative to aid in government’s revenue mobilization agenda.

Following the outbreak of the coronavirus pandemic, government has announced a tax holiday for Ghana’s health workers on their emoluments for a period of three months.

President Nana Addo Dankwa Akufo-Addo who disclosed this in a televised broadcast to the nation in April this month said the move is billed to take effect from April to June.

Among other tax reliefs, government has also granted an electricity and water utility rebate to alleviate the plight of citizens in the wake of the pandemic.

Source: www.ghanaweb.com

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