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Mid-Year Review: Workers, businesses to get tax reliefs

BY: Maxwell Akalaare Adombila
Budget
Ken Ofori-Atta, Finance Minister

The government is set to announce measures aimed at easing the burden of salaried workers in the wake of soaring inflation and general cost of living.

It also plans to extend some tax reliefs for businesses in a bit to stimulate economic activities while encouraging increased tax compliance.

Graphic Online understands that some of the tax waivers and reliefs that elapsed on June 30 would be extended till the end of the year.

The Finance Minister, Mr Ken Ofori-Atta, is set to announce the extension when he appears before Parliament this afternoon to present his sixth in a row mid-year budget review.

Income taxes

It is understood that the minister would announce the suspension of the quarterly payments of income tax installment by individuals using the income tax stamp.

Mr Ofori-Atta would also announce the suspension of the installment payment of vehicle income tax (VIT) on selected vehicles, including intracity commercial vehicles, popularly known as trotros.

Taxis and intercity/long distance buses would also be covered under the policy.

Waiver

The sources said the waiver of interest and penalty on tax arrears up to December 2020 for all category of taxpayers would also be reinstated to run till December this year.

It is however, expected to be limited to taxpayers that file their returns and pay the principal.