Politics

Rent Control office to be elevated to Rent Control Authority

NDC has stated that they will elevate the Rent Control office to a Rent Control Authority when given the mandate to run the affairs of the country.

This was made known by the flagbearer of the party during their manifesto launch at the University of Professional Studies in Accra.

Addressing party members at the event, John Mahama said as part of fiscal incentives for rent reform they will engage landlords, real estate investors and tenants to review the Rent Act to provide tax incentives to landlords and real estate investors.

According to him, this will reduce the cost of rent advance for residential and commercial purposes.

He added that they will restructure rent control office into Ghana Rent Authority to effectively implement the new Rent Act in the interest of tenants and landlords.

John Mahama said the party will also scrap the law banning the importation of salvage vehicles in the country when voted back into power.

As part of the Private Sector Tax Initiatives for the people of Ghana, “from 2021, MSMEs will be given tax reliefs to support their operations. Within the first three months of 2021, the NDC Government will lay before Parliament several bills that will seek to grant the following tax reliefs to MSMEs.

Small businesses will be exempted entirely from corporate and personal income tax. Corporate income tax for medium size companies will be reduced from the current 25per cent to 15per cent.

Newly established medium-sized companies that employ up to twenty (20) staff will also be exempted entirely from the payment of corporate income tax for one year and newly established medium companies that employ more than twenty (20) staff will be exempted entirely from the payment of corporate income tax for two years.

Exempt commercial vehicles and other equipment imported into the country for commercial, industrial and agricultural purposes from import duty.

He also stated that the party will review the Customs (Amendment) Act, 2020 (Act 1014) to scrap the law banning the importation of salvaged vehicles. This will save the local automotive industry, especially Suame Magazine, Kokompe and Abossey Okai from collapse encourage vehicle assembling companies to operate as a complement to local industry, reverse the decoupling of VAT (12.5 per cent), NHIL (2.5 per cent), GETFund (2.5 per cent), which has brought untold hardship to Ghanaian businesses and households.

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