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Hospitality Sector Exempted From Tax In 2021 – Osei Kyei-Mensah-Bonsu

Hospitality Sector Exempted From Tax In 2021 – Osei Kyei-Mensah-Bonsu

The plight of the hospitality industry will be alleviated at least in the short term as Government has announced an income tax relief incentive to the sector. This has been disclosed by the Hon. Osei Kyei-Mensah-Bonsu during his reading of the Government of Ghana Budget Statement and Economic Policy. He indicated that, as part of Government’s plan to ensure the economy is ‘back to life’ quickly, players and companies in the Hospitality and Tourism Industry would be granted a 30 percent income tax exemption by the Government.

The hospitality sector and for that matter Tourism and Creative Arts Industry at large, suffered arguably the most adverse effect when the COVID-19 pandemic hit the country. In order to make sure these players and their activities recover very quickly, and as part of the Government’s Economic Recovery Plan, the Minister indicated that the tax exemption was intended to cushion them against the adverse impact of the pandemic going forward.

He intimated that, Government would “… provide Corporate Income Tax rebate of 30 percent to companies hard hit by COVID-19 pandemic for the second quarter (Q2) to fourth quarter (Q4) of 2021. Targeted companies include those in the Accommodation and Food Services, Education, Arts and Entertainment and Travel and Tour operations”.

Meanwhile, the Hon. Member of Parliament for Suame stressed that, the Nana Addo Government was eager to get the economy back to life through its well-planned Economic Recovery Plan programme.

 

Source: Mohammed Bomanso Issah (Real Estate Times Africa)

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