Young entrepreneurs in tourism, other sectors are entitled to 5 years tax holiday – Hadzide

Chief Executive Officer of the National Youth Authority (NYA), Pius Enam Hadzide has pointed out that persons between the ages of 15 and 35 years who are into tourism, manufacturing, water and sanitation are entitled to tax holidays for 5 years.

He said many people, however, are not privy to this information, therefore do not get the chance to enjoy the tax exemptions.

Speaking on 3FM's Sunrise show on Tuesday, August 15, 2023, Pius Enam Hadzide noted that it is about time his outfit and relevant stakeholders intensify public education on tax holidays among other provisions established to support young entrepreneurs in Ghana.

He said, “one of the things I have noticed is public education and we at the NYA must accept the challenge to go out more. There are many interventions in our systems that we need to let young people know about."

“If you are a young person between the ages of 15 and 35 years in our country and you start a business in some areas like tourism, manufacturing, water and sanitation, according to the law, you are entitled to tax holidays for 5 years but many people don’t know and they don’t, therefore, apply themselves to some of these provisions,” the CEO of National Youth Authority stated.

Tax holiday, which is synonymous with tax exemptions, subsidies are periods when a person or company is allowed to pay no tax or less tax than usual.

According to reports, tax holidays offer entrepreneurs the opportunity to recoup their investments before paying taxes.

SA/NOQ

Watch the latest edition of BizTech and Biz Headlines below: