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The Ghana Revenue Authority (GRA) has revealed that the invigilation of Value Added Tax (VAT) at shops yielded as high as 1,700% in revenue collection for the month of September.<\/p>\n
According to the Commissioner-General, Dr. Ammishaddai Owusu-Amoah, 69 percent of the shops at which the action was taken, altered their records and paid far below the required amount for June, July and August.<\/p>\n
\u201cWe did the VAT invigilation at 53 shops. Looking at the results we had for September and comparing it with the tax filed by the shops as sales for June, July and August, revenue collected by officials from 69 percent of the shops resulted to 1,700 percent more,\u201d he disclosed.<\/p>\n
Speaking at the Youth Economic Forum as part of the Ghana Economic Forum organised by the Business and Financial Time, he indicated that strict sanctions will be taken against culprits.<\/p>\n
\u00a0\u201cThere was one shop that filed GHc75,000 per month but when we did the invigilation for September, we realised over GHc3 million. These are revenues that are understated and we will ensure that everything is paid back,\u201d he intimated.<\/p>\n
Meanwhile, Professor Godfred Bokpin indicated that ensuring tax compliance is not a major solution to Ghana\u2019s economic crises.<\/p>\n
According to him, government needs to look at its expenditure, reduce the number of ministers and take advantage of the crisis by investing in value addition.<\/p>\n
\u201cYes we will collect. We all need to be tax compliant but we need to look at Ghana\u2019s expenditure, let\u2019s take advantage of this crisis and reduce the number of ministers to about 40 or below. However, reducing cabinet will not affect growth but create space for growth enhancing spending. Meanwhile, sacking the Finance Minister alone will not do much but downsizing across all state owned enterprises,\u201d he urged.<\/p>\n
The Youth Economic Forum was organized by the Business and Financial Times on the theme \u201cBuilding a Robust and Resilient Economy through Technology, Finance, Investment, Trade and Entrepreneurship\u201d.<\/p>\n
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