Do you own or operate a hotel, guest house, hostel, restaurant, food cart, bar or coffee shop in Ghana?
There is some good news for you! You can make a saving on your income tax for the rest of 2021!!
The newly enacted Income Tax (Amendment) Act, 2021 (Act 1066) has reduced the applicable rate payable for Q2, Q3 and Q4 of this year by 30% not only for businesses such as those listed above in the accommodation & food sector, but also for the education, travel & tours, and arts & entertainment sectors.
For specified self-employed persons, the news is even better. Amongst others, retail traders, bakers, and freelance photographers, as well as owners of taxis and trotros, will make no quarterly income tax instalment payment for Q2, Q3 and Q4 of 2021.
Certainly, a dose of welcome relief as all industries continue to navigate the evolving effects of the brutal Covid-19 pandemic.
To ensure you can enjoy this benefit, you must make the necessary instalment payment for Q1 of the year and continue to fulfil all other tax obligations.
Now, time to dream of the ways you can put your saving to good us.
You may contact Keystone Solicitors info@keystonesolicitors.com if you would like to have a further discussion on this legislative update or any other legal service requirements.
