{"id":609240,"date":"2019-04-21T08:08:36","date_gmt":"2019-04-21T08:08:36","guid":{"rendered":"
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Business News of Sunday, 21 April 2019<\/p>\n

Source: <\/strong>thebftonline.com<\/p>\n2019-04-21\n\n

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<\/p>\n

\n

Business News of Sunday, 21 April 2019<\/p>\n

Source: <\/strong>thebftonline.com<\/p>\n

2019-04-21<\/p>\n

\n

\"EmmanuelEmmanuel Kofi Nti<\/span><\/span><\/p>\n<\/div>\n

The Ghana Revenue Authority (GRA) has called on businessmen and women to regularly file their tax returns.<\/p>\n

Speaking at a roundtable discussion with the Ghana Electrical Dealers Association in Accra, the Commissioner-General of the Ghana Revenue Authority Mr. Emmanuel Kofi Nti said: \u201cIt is time we improved on our tax system and made it work.<\/p>\n

\u201cOur tax to GDP ratio is now hovering around 13.1%; and within the middle lower-income to middle income countries, tax to GDP ratio is in the vicinity of 18% to 20%. This means that our tax to GDP ratio is very, very low. It is time we improved on our tax collections,\u201d he further noted.<\/p>\n

He bemoaned the lack of issuing VAT during trade transactions, and stated that government has given a lot of concessions for traders to help with the issuance of VAT.<\/p>\n

\u201cSome time ago, our interaction with traders in Okaishie, Makola and Opera Square reflected that the standard rate wasn\u2019t good and we should do a flat rate system. Now, it is disheartening to learn that despite having applied this the vat rate is still not being used,\u201d he added.<\/p>\n

Addressing the issue of smuggling, the Commissioner-General also stated that it will not spare any importer who smuggles goods into the country to avoid paying the required taxes on products.<\/p>\n

He said government has revised its benchmark values on imports to help reduce smuggling, so there will be no excuse for anyone caught in the act.<\/p>\n

Effective Thursday April 4, 2019, all imported products attract a fifty percent drop in benchmark values while imported vehicles attract a thirty percent drop in benchmark value.<\/p>\n

\u201cWe reduced the rate to make sure that we are more competitive and to make it difficult for smugglers to continue their trade. Going forward, we are going to implement the law to the fullest,\u201d he warned.<\/p>\n

He also stated that as part of its measures, the GRA will increase checkpoints at the borders from four to six to check smuggling, and advised importers to use the approved routes.<\/p>\n

Mr. Kofi-Nti explained that because of the high charges at Ghana\u2019s ports, most importers preferred to use the Togo port \u2013 which led to the Togo port recording a growth of 300 percent while Ghana\u2019s grew by 4.9 percent last year.<\/p>\n

He said it is worrying that some Ghanaian importers use the Togo port and smuggle their goods into the country.<\/p>\n

He implored the traders to reduce their prices, so as to reflect the drop in cost of clearing goods at the ports.<\/p>\n

\u201cThe consumer must see evidence of reduction in the prices at which they buy their goods following the reduction of duties at the ports,\u201d he added.<\/p>\n<\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Business News of Sunday, 21 April 2019 Source: thebftonline.com 2019-04-21 Emmanuel Kofi Nti The Ghana Revenue Authority (GRA) has called on businessmen and women to regularly file their tax returns. Speaking at a roundtable discussion with the Ghana Electrical Dealers Association in Accra, the Commissioner-General of the Ghana Revenue Authority Mr. Emmanuel Kofi Nti said: […]<\/p>\n","protected":false},"author":1,"featured_media":598368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-609240","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\nFulfil your tax obligations \u2013 GRA urges traders - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/04\/21\/fulfil-your-tax-obligations-gra-urges-traders\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Fulfil your tax obligations \u2013 GRA urges traders - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Sunday, 21 April 2019 Source: thebftonline.com 2019-04-21 Emmanuel Kofi Nti The Ghana Revenue Authority (GRA) has called on businessmen and women to regularly file their tax returns. 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