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Monday, December 6, 2021

2018 Budget: Government introduces tax incentives for young entrepreneurs

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A1 BossThe NEIP will assist young entrepreneurs to carry forward losses for five years

The Akufo-Addo administration has introduced the National Entrepreneurship and Innovation Plan (NEIP) to create a ‘supportive ecosystem for young Ghanaian entrepreneurs aged 35 years and below’.

Additionally, government 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 revelation was made by the Finance Minister, Ken Ofori-Atta, during the reading of the 2018 budget in Parliament on November 15.

“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.

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