Start-ups to benefit from a one year tax holiday
Starts-up businesses will soon benefit from a year tax holiday to serve as an incentive for them to gain a strong standing.
This development forms part of the government’s efforts at reducing cost of doing business in Ghana.
Speaking at the annual general meeting of the Ashanti and Brong Ahafo zones of the Association of Ghana Industries the Business Development Minister, Ibrahim Mohammed Awal said that most businesses were in their emerging development and, therefore, needed a nurturing environment to develop.
This he believes would boost the government’s commitment at creating a conducive atmosphere for businesses to strive.
Mr Awal added that the principal role of government was shifting from driving the economy, to creating an enabling environment, including laws, regulations, and enforcement mechanisms and arranging for the delivery of essential support services for the private sector to gain confidence and strength to become the engine of growth.
Among the measures the government had put in place to enhance business development, he said, included the stabilisation of the currency and reduction of the cost of borrowing, the abolishment of 5 percent tax on real estate sales among others.
He also made known that the government was in the process of launching a National Entrepreneurship and Innovation Plan which would be implemented to assist businesses secure market during the critical formative years, and tap into wide supply chain network during their growth years.
The Ashanti Regional Minister, Simon Osei Mensah, on his part, said the government had positioned itself as the most business friendly and the committed to make the private sector play its rightful role as the engine of growth and thrive.
He, therefore, asked the business owners to take advantage and spread their businesses.