The National Communication Officer for the NDC, Sammy Gyamfi has revealed that the NDC administration would foster sustainable jobs by creating an enabling environment for the private sector to thrive.
This according to him will be done through the various economic reforms the party will undertake under the ‘People’s manifesto’ during the party’s next tenure in office.
Addressing the press, Mr. Gyamfi said the cost of managing businesses in the country would be checked by reducing tax rates for institutions.
“The Mahama-led government will provide tax rebates for businesses” and this includes “total scrapping of the 25% corporate income tax for small businesses, a reduction of Corporate Income tax for medium-scale businesses from 25% to 15%.
“A two-year corporate income tax exemption for newly incorporated medium-scale businesses that employ 20 people and above and a two-year tax holiday for youth start-ups and businesses,” he stated.
Stressing on the importance of the private sector in job creation, the Communicator said it was the reason for the various tax reductions and exemptions.
“These tax rebates will go a long way to reduce the cost of doing business so that businesses are able to inject their savings into their businesses for the creation of more jobs,” he said.
He also revealed that certain reforms implemented by the Akufo-Addo-led administration would be altered to allow private sector businesses to expand their territory.
The NDC administration will “scrap import duty and reverse the increment in VAT which has made it impossible for businesses to claim Input Tax Credit/refunds on 5% NHI and GET FUND levies,” he added.