Business News of Saturday, 22 July 2017
The Ghana Revenue Authority (GRA) has appealed to all stakeholders in the tax administration bracket to honour their tax obligations for an accelerated economic development.
It says with the introduction of the three per cent VAT Flat Rate Scheme (VFRS) and the 17.5 per cent Value Added Tax, it would continue to broaden the horizon of the taxpayer on tax administration.
Mr Robert Nelson, the Acting Head of the GRA, at the Medium Tax Office of the Western Region, said this at a seminar for a cross-section of importers, retailers and wholesalers in Takoradi.
The seminar sought to educate the participants in the tax regime to be abreast of issues concerning the migration of taxpayers onto the VFRS of three per cent from the Standard Rate Scheme of 17.5 per cent and the number of tax returns they have to file after sales.
Mr Nelson said it was necessary to get closer to the taxpaying public to explain all outstanding issues which remained unclear in the minds of stakeholders in their resolve to widen the tax net.
Mr Ebenezer Nyarko, a Medium Tax Officer, who spoke on the three per cent VFRS, said it was introduced in 2007 for retailers and importers but its implementation date was July 1, 2017 for wholesalers who were not covered initially with a marginal rate of three per cent charge on the value of goods supplied.
He said those who were not allowed to charge the three per cent were manufacturers, service providers, retailers and wholesalers of power, heat and ventilation among others.
Mr Nyarko said government was monitoring prices of goods and services to find out how the system would be and subject the new tax regime to reforms to mitigate cost of goods and services.
Mr A. Nketiah, a Revenue Officer, making a presentation on the Revenue Administration Act of 2016, said it encouraged the participants to endeavour to pay taxes promptly to avoid paying interests.
He said failure to file tax returns attracted a penalty of 500 currency points, and failure to pay would result in prosecution.
Mr Nketiah warned the public to refrain from attacking tax officers in the course of duty as monies collected were for national development.
He reminded taxpayers to visit the GRA client service desk to have their issues discussed rather than to attack revenue officers.