General News Wed, 15 Nov 2017

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2018 Budget: Private Universities get tax holidays; private SHSs to follow

The government of Ghana has indicated that as part of its long-term development of a local human capital base fit for a changing world “it will grant relief from corporate income tax paid by privately-owned and managed universities”.

Presenting the 2018 Budget and Economic Policy Statement to parliament on Wednesday, 15 November under the theme: “Putting Ghana Back to Work”, Mr Ofori-Atta, however, pointed out that the holidays will be granted “to the extent that profits are ploughed back to expand or maintain facilities”.

He underscored that government “would work to do the same for privately-owned SHSs in the near future”.

Government said the education sector represents a high-growth potential with multiplier effects on the economy as confirmed by a recent “Country Private Sector Diagnostic’’ study by the World Bank Group, hence the decision to grant the corporate tax exemptions.

“This is also borne out by the rapid growth in privately-owned and managed universities as well as in the inward flow of students from the West Africa sub-region. It is government’s intention to support the sector in order to position Ghana as the premier higher education hub of the sub-region and to attract critical foreign direct investment into the sector,” Mr Ofori-Atta added.

Source: Class FM

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