The unexpected and unprecedented outcome of COVID-19
has seen many
businesses come face to face with challenges, the likes of which
they have never
faced before. The virus has had serious consequences on the fiscal
position of the
country. Despite this, the Government of Ghana in March 2020,
announced various
tax incentives for specified individuals and entities in response
to the impact of
COVID-19 on the economy.
As a Tax and Business Strategy student, identify the various tax
measures instituted
by the government for individuals and businesses in this Covid-19
era, and provide
reasons why you agree or disagree with the government’s
intervention.
The various tax measures instituted
by the government for individuals and businesses in this Covid-19
era are listed below:
1.Tax exemptions: under this the government has taken several steps
like waiver of certain taxes,allowing deductions of certain
donations towards covid -19,taxes on third tier pension will be
waived ,waiver of value added tax on donations of covid 19
equipments.
2.Bank transfer: under this the government have taken steps to pay
the taxes via bank transfers.
3.Extension of due dates:The government has announced various
extensions for the payment of taxes and filing of returns.
4.Granting allowances.
5.Waiver of tax related penalties.
---------------------------l agree with the government's
intervention because of the following reasons:
a)During the covid -19 pandemic,everything is disturbed so there is
a need of cenrmtral authority to manage this situation carefully to
avoid further adverse effects..therefore government intervention is
necessary.
b) The action of central planning authority becomes a necessity in
order to use the resources efficiently for benefit of public,making
government intervention necessary.
c)Government intervention is very important in this situation so as
to keep social motive above profit motive.
Above are the reasons for agreeing with government
intervention.
The unexpected and unprecedented outcome of COVID-19 has seen many businesses come face to face with...
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