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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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30% corporate income tax rebate not enough incentive – Hotels Association

byMichael Ogbodu
March 16, 2021
in Local Economy, News, Top Stories
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The Ghana Hotels Association says its expectation was not met in the recently delivered 2021 budget statement.

According to the association, it expected more policies that will help the ailing industry get back on its feet.

Speaking to Citi Business News, President of the Ghana Hotels Association, Dr Edward Ackah-Nyamike said the hotel industry will require more than the rebate to recover from the impact of the COVID-19 pandemic.

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“Under normal circumstances and in normal times, the 30% rebate on income tax announced by the government in the 2021 budget statement would have been very good news in fact we would have welcomed it wholeheartedly. However, you and I know that we are not in normal times. And for an industry like the hotel industry that is yet to embark on significant recovery, a stimulus package or support that focuses on the input end of our businesses would have been better appreciated than one that focuses on the output end.”

He added that “What I mean is that the 30 percent rebate on income tax is based on the assumption that hoteliers will make some profits in the stipulated period, but the reality on the ground is that it will be a big miracle for any hotel to declare profit for 2020, 2021 or even the next year 2022. Indeed, as a result of the pandemic hotels have incurred huge debts that will take them a while to recover, that is our reality, and we expected the government to address that and not to tease us with this 30 percent rebate on income tax”

Government as part of its broader economic recovery plan to get the Ghanaian economy back to its previous state announced in the 2021 budget a corporate income tax rebate of 30% to companies within the arts, entertainment, and hospitality sectors.

Minister for Parliamentary Affairs and interim Finance Minister, Osei Kyei-Mensah-Bonsu made this known during the 2021 budget statement and economic policy presentation in Parliament on Friday, March 12, 2021.

He stated that “The government will provide corporate income tax rebate of 30% to companies hard hit by COVID-19 pandemic for Quarter 2 to Quarter 4 of 2021. Targeted companies include those in the accommodation and food services, education, arts and entertainment, and travel and tour operators.”

The tax rebate will be the second step government has taken to help cushion people in the entertainment and hospitality sectors against the COVID-19 effects.

Already, the National Board for Small Scale Industries (NBSSI) has disbursed GH¢37 million to creative arts practitioners who applied for loans under the Coronavirus Alleviation Programme Business Support Scheme (CAPBuSS).

The hospitality industry has been one of the worst-hit since the outbreak of the COVID-19 pandemic with many businesses in the sector shutting down while others were compelled to downsize.

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