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Business News of Monday, 3 August 2020

Source: www.ghanaweb.com

Additional corporate tax deductions vital to avert job losses – Deloitte Ghana

Financial and risk advisory firm, Deloitte Ghana is proposing for an additional corporate tax deduction incentive for the worst-hit companies as a result of the coronavirus pandemic.

According to the firm’s latest report in view of the 2020 mid-year budget review, the tax deduction policy when implemented will maintain at least 85 percent of employees to avert job losses by the end of 2020.

“The deduction can be in the form of an additional 50 percent of salaries and wages bill which is similar to the current incentive for the employment of fresh university graduates into the workforce.”

For businesses, the advisory firms say the government must allow all tax-paying entities to carry forward their 2020 tax losses in subsequent years without expiration.

The report further advised the government to implement guidelines on Value Added Tax (VAT) on electronically supplied services by non-residents to raise revenue from VAT on e-commerce and telecommunication.

Meanwhile, the Registrar-General’s Department has extended the deadline for the filing of Annual Returns from July 31 to December 31, 2020.

The extension is as a result of the COVID-19 pandemic and the inability of companies to hold their Annual General Meetings (AGM’s) to announce their earnings and profit margins.

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