Sports Ministry to streamline procedures for tax rebates and exemptions for companies

Mr Clement Kofi Humado, Minister of Youth and Sports has said his outfit would soon take steps to ensure that corporate bodies enjoy rebates and exemptions for contributing to the development of sports in the country.

He said even though there is an existing law enshrined for corporate institutions to enjoy the facility, such benefits have been under-utilized.

“Though the benefits exist, the absence of a clear cut procedure for accessing the opportunities, have made it difficult for companies to have the rebate and exemptions anytime they invest in sports,” the Minister stated.

Mr Humado told the GNA Sports in an interview in Accra that most of the companies have not taken advantage of the benefits because they are not aware of it or the sports Associations do not help them to make use of the opportunity.

According to the Minister, efforts would be made at ensuring that the companies benefit from the opportunity through education for the corporate bodies, adding that it was one of the strategic tools of the Ministry to woo sponsors and strategic investors into sports development.

The Minister noted that individuals who donate sports equipment to Sports Associations would also benefit from the facility.

He also charged the various Sports Associations to collaborate with the Ministry to facilitate the procedure for companies which invest in their sporting disciplines.

Source: GNA