NEIP urges startups to take advantage of tax holiday to expand

Executive Director of the National Entrepreneurship and Innovation Plan (NEIP) John Kumah, has urged businesses below five years to take advantage of the tax holiday introduced by government and apply.

He says this will relieve them off some pressures that come with building a robust business.

“An important thing is the environment for startups, since 2017 the government has introduced the tax holidays for young people and young startups in the country up to five years. So if you are an entrepreneur or a young business in this country you can apply for tax holidays up to five years.” he said.

The tax holiday was introduced by government in 2017 in line with its plan to provide a favourable environment for startups as well as small and medium scale enterprises.

Per the structure, the tax holidays are granted based on the number of people employed by a start-up.

Mr. John Kumah added that this will create the avenue for startups to thrive in the business environment.

“The essence is to encourage you to reinvest your possible tax obligations into your business so that you can expand and grow” he added.

source: citibusinessnews.com