Govt announces tax holidays for young entrepreneurs

Government has announced tax holidays of up to five years for young entrepreneurs in the country.

The tax holidays will be granted based on the number of people employed by the start-ups.

This was announced by the Minister of Finance and Economic Planning, Mr Ken Ofori-Atta when he presented the 2018 budget statement to Parliament on Wednesday.

“As a further commitment to creating a supportive ecosystem for young Ghanaian entrepreneurs of age 35 years and below who start their own businesses, government will, through the National Entrepreneurship and Innovation Plan (NEIP), grant tax holidays based on the number of persons employed by a start-up or early-stage business,” he said.

“A preferential tax rate of between 3 to 5 years will be granted after the tax holiday. They will also be allowed to carry forward losses for five years,” he added.