Startups won’t pay taxes for one year - Mahama promises

Former President John Dramani Mahama says the NDC will implement business strategies that will exempt startups and other smaller business from paying taxes for at least year if he wins the 2020 polls.

He says the move is part of his grand agenda to ensure that young people are able to create and stay in jobs.

“Newly established medium-size companies that employ staff up to twenty (20) will be completely exempt from the payment of corporate income tax for one year. And newly established medium enterprises that employ more than twenty (20) staff will be exempted completely from the payment of corporate income tax for two years.

“And we will exempt Commercial vehicles, industrial and agricultural machinery from import duties. My government from 2021 will exempt vehicles and all other equipment imported into the country for commercial, industry and agricultural purposes from import duty,” Mahama told labour unions at a meeting in the Volta region.

He also said: “Small businesses will be exempted completely from corporate income tax. § Corporate income tax for medium size companies will be reduced from the current 25% to 15%”.

On the fight for social justice, the NDC flagbearer said: “In pursuance of social justice, I will vigorously push through a constitutional review that creates a fairer and just emoluments system and removes the distortions between Article 71 Officeholders and other public sector employees. § Launch “Operation Sting” and be ruthless against all corrupt political appointees and public sector workers. § It will be a requirement for all who serve in my Government to publish their assets declaration and have same audited by the Auditor General. § Drastically reduce the size of government. And Pay Assembly Members to perform the function of collecting accurate births and deaths information in their various electoral areas”.

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