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Graphic Online
BY: Maxwell Akalaare Adombilla
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The Ghana Revenue Authority (GRA) has rolled out a tax incentive scheme for taxpayers to help cushion businesses and people against the coronavirus disease (COVID-19) pandemic.
The scheme involves waiving the penalty and the accrued interest on tax arrears for both corporate and individual taxpayers as a motivation for them to regularise their tax obligations during the crisis period.
The package from the authority took effect from April this year and allowed people and institutions that had either not registered with the GRA or breached the tax payment and the filing of returns schedules to apply to the authority for waivers.
Three experts on the economy, industry and trade have described the President’s State of the Nation Address (SONA) as a bold blueprint to build on the successes chalked up in the last four years.
They told the Daily Graphic yesterday that the address sought to set the stage for the consolidation of the gains and the charting of new heights for the economy and the country in general.
The experts Prof. Peter Quartey, the Director of the Institute for Statistical, Social and Economic Research (ISSER) of the University of Ghana; Dr Joseph Obeng, the President of the Ghana Union of Traders Association (GUTA), and Mr
SONA, Bold Attempt To Consolidate Gains – Analysts peacefmonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from peacefmonline.com Daily Mail and Mail on Sunday newspapers.
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PRESIDENT Nana Addo Dankwa Akufo-Addo will start his final four-year tenure on January 7 with his task on the economy well cut out for him. He will be expected to lead the revival of an economy that has been pushed into its first recession in almost 40 years, prune down public spending to contain a large fiscal deficit and rein in borrowing to address a debt overhang that has breached various sustainability thresholds.
A tough ride for a President whose legitimacy is being questioned at the Supreme Court and faced with a hung Parliament, the current economic situation is the result of a combination of factors, including a laxed fiscal stance that emerged around 2019, the impact of the COVID-19 pandemic on public finances and the fiscal pressures from the December 2020 general elections.