Tax holiday Government rolls out tax exemptions for Ghanaian startups

The government have been commended by private enterprises for introducing tax exemptions for startups to commence this July.

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Mohammed Ibrahim Awal, Business Development Minister has remarked that tax cut initiatives by government will motivate more indigenes to form more business at a lower cost.

Founder and President of the Entrepreneurs Foundation of Ghana, Sam Ato Gaisie told journalists that the move by government would ease the stress of doing business.

READ ALSO: Start-ups to benefit from a one year tax holiday

“It is good news and it will definitely help establish a lot of the entrepreneurs because the world economy is now moved by entrepreneurship.”

‘‘The role of private individuals in strengthening the economy of a nation cannot be overstated. Government must therefore endeavor to give incentives private enterprises to foster their growth’’ he added.

READ ALSO: 5 Ghanaian tech start-ups celebrated by Facebook

“The private sector is now taking over in terms of managing the economy so basically if you want more people to go into entrepreneurship, the best thing is to encourage them with such incentives that will enable them to be part of the private sector development”.

According to him, the private sector is taking over in issues relating to economic management and these incentives would encourage more  people to engage in entrepreneurial ventures that would cushion private sector development. 

Mr. Ato Gaisie also urged beneficiaries of the tax exemption to invest their yield into bettering their enterprises to reap the full gain of the tax exemptipon.

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