Joseph Osei Oppong Brenya, Director of Corporate Affairs at the National Entrepreneurship and Innovation Programme (NEIP), has denied that the National Democratic Congress (NDC) has recently promised to implement tax breaks for small and medium-sized businesses (SMEs). Mr. Oppong Brenya claims that since the current administration already has such a policy in place, the NDC’s pledge is unnecessary.
In a news conference, Mr. Oppong Brenya emphasized that the Nana Addo Dankwa Akufo-Addo administration had already implemented NEIP tax breaks for small and medium-sized enterprises. He clarified that SMEs could apply directly to the NEIP for these exclusions, and that the NEIP would work with the Ghana Revenue Authority (GRA) to provide the relief. “The NDC is aware of this but chose to include it in their manifesto to mislead the public,” Mr. Oppong Brenya asserted.
He emphasized the New Patriotic Party (NPP) administration’s history of helping small and medium-sized businesses (SMEs), pointing out that NEIP has taught 19,000 business owners and given finance to more than 4,350 of them. 26,000 SMEs have received training so far this year, and another 5,000 are expected to get funding. Regarding the previous president John Mahama’s pledge to grant young businesses a two-year tax breaks, Mr. Oppong Brenya dismissed it as “nothing new.” He emphasized that young entrepreneurs between the ages of 18 and 40 who are either launching or running a firm are currently eligible for a five-year tax break from the government.
He emphasized that this policy has been in effect since President Akufo-Addo launched NEIP in 2017 with the goal of promoting entrepreneurship and assisting in the expansion of businesses throughout Ghana. Mr. Oppong Brenya questioned the NDC’s commitment, speculating that the five-year exemption term would be reduced to two years as the only change. Finally, he restated that the NDC’s proposal is superfluous and needless given the current government’s tax concessions for young businesses.
SOURCE: https://dew360.net
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