Question

Question:  Provide reasons why you agree or disagree with the government’s intervention as well as its positive or negative impacts on the economy.

Below are the governments tax interventions.
1. Tax waiver on personal emoluments of health workers

2. Tax waiver on additional allowances paid to frontline workers

3. Tax waiver on withdrawal from provident funds and personal pension schemes

4. VAT/ NHIL/ GETFund relief on COVID-19 donations

5. Tax deduction for COVID-19 donation

6. Waiver of penalties on principal tax liability for taxpayer

Answer 1

1. I agree with the tax waiver on the personal emoluments of health worker because they are working for benefits of the society and government should be trying to help them through tax waiver so I agree with the tax waiver by the government and I think it will have the positive impact on the economy

2.I will agree for the tax waiver on additional allowance which are paid for the frontline workers because they are risking their life in order to save the people from pandemic and they should be provided with monetary benefits and I think it will be having a positive impact in the long run

3. No, I do not agree on the tax waiver on withdrawal from provident fund and personal pension scheme because these are not having any positive impact on the overall economy because these are on the path of various patients which will not be having substantial benefits.

4. Value after tax and othy refund on covid-19 donation are helping these donator with tax relief and they will be encouraged to donate more into these funds in order to help the economy so I will be supporting the decision to provide the tax relief because it will be helping in long run.

5. Yes, I agree for the text deduction of covid19 donation because it will be helpful for fast recovery of the economy through various donations as people will be motivated to donate more.

6. No, I do not agree for waiver of penalty on principal tax liability of the taxpayer because this will be promoting a culture of tax thirft and tax evasion so I will be not supporting it because it will have a negative impact on the overall economy.