Prime News Ghana

Covid-19: GRA rolls out tax incentives for businesses

By Justice Kofi Bimpeh
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The Ghana Revenue Authority, GRA has rolled out some tax incentives to help cushion businesses during this Covid-19 period.

The GRA said this is to help mitigate the impact of the pandemic on businesses and individuals.

A notice from the service said on the filing of annual returns for Company Income Tax and Personal Income Tax the "Due date for filing has been extended from 4 months to 6 months after the end of the basis year.   e.g. Annual returns for the year ending December 2019 due in April 2020 is extended to June 30, 2020.    Companies that can file returns before the extension are encouraged to do so.  These companies will be classified as compliant and will be eligible for early Tax Clearance Certificate and Withholding Tax Exemption Certificate."

"Taxpayers who redeem all their outstanding debts due GRA by June 30, 2020, will be granted a remission of penalties on their principal debts."

READ ALSO : Ali-Nakyea awarded PhD in Tax Policy by University of Pretoria

Also, donations and contributions toward fighting COVID-19 pandemic shall be: Allowed as a deductible expense. 

The GRA has also extended the due date for sale of VIT Stickers for the 2nd quarter has been extended by one month, ending May 15, 2020.

Finance Ministry waive taxes on alcohol and two other ingredients for production of hand sanitizers

The Ministry of Finance has waived the Valued Added Tax on alcohol and two other ingredients for the production of hand sanitizers.
This move has also prompted the food and drugs authority to approve within 23-hours applications from all pharmaceutical companies needed to fight Covid-19.

The Food and Drugs Authority (FDA) said it is fast-tracking the registration of hand sanitizers to ensure their availability on the market.

They, however, advised the public to check the expiry dates on hand sanitizers before buying them.

Globally, the FDA said, there was no medicine approved for the treatment of the COVID-19 pandemic.

It would, however, announce any approved medicine as they become available.

It gave the list of registered hand sanitizers as: Spaklean Bubbles Sanitizers, Kleanz hand sanitizer, Pure Klenz hand sanitizer, Steri-7 Biocidal hand sanitizer, Purell hand Sanitizer, Soha Sanitizer Jeswe hand sanitizer, Equi Clean hand sanitizer and Deva Max Antibacterial hand sanitizer.