NEIP Director dismisses NDC's tax exemption promise as redundant
The Director of Corporate Affairs at the National Entrepreneurship and Innovation Programme (NEIP), Joseph Osei Oppong Brenya, has refuted a recent manifesto promise by the National Democratic Congress (NDC) to introduce tax exemptions for Small and Medium Enterprises (SMEs).
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According to Mr. Oppong Brenya, such a policy is already in place under the current government, making the NDC's pledge redundant.
Mr. Oppong Brenya in an interview with pressmen highlighted that the Nana Addo Dankwa Akufo-Addo administration had already instituted tax exemptions for SMEs through NEIP. He explained that SMEs can apply for these exemptions directly through the NEIP, which then collaborates with the Ghana Revenue Authority (GRA) to grant the relief.
“The NDC is aware of this but chose to include it in their manifesto to mislead the public,” Mr. Oppong Brenya asserted.
He highlighted the New Patriotic Party (NPP) government's track record in supporting SMEs, noting that NEIP has trained 19,000 entrepreneurs and provided funding to over 4,350 of them. This year alone, 26,000 SMEs have received training, with 5,000 set to receive funding.
Mr. Oppong Brenya also addressed former President John Mahama's promise of a two-year tax exemption for young entrepreneurs, dismissing it as "nothing new."
He pointed out that the current government already offers a five-year tax exemption for young entrepreneurs aged 18 to 40 who are either starting a business or already operating one.
He underscored that this policy has been in place since the establishment of NEIP in 2017, which was initiated by President Akufo-Addo to foster entrepreneurship and support business growth across Ghana.
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Mr. Oppong Brenya questioned the significance of the NDC's promise, suggesting that the only difference might be a reduction of the exemption period from five years to two years.
In conclusion, he reiterated that the existing tax exemptions for young entrepreneurs under the current government render the NDC's proposal unnecessary and redundant.