Business News of 2014-02-21

EOCO forms task force to implement BoG’s directive

The Economic and Organised Crime Office (EOCO) has formed a task force to enforce the Bank of Ghana’s ban on the pricing of goods and services in foreign currencies.

The EOCO would enforce the ban imposed on directives from the Attorney General’s Office.

Mr. B. Mortey Akpadzi, Executive Director of EOCO in a statement copied the Ghana News Agency in Accra, said from Monday, February 24 a task force from EOCO would undertake inspections of hotels, forex bureaus, shops and all other organisations that quote prices in foreign currency to ensure that the directive was obeyed.

Officials of EOCO would carry the necessary identification documents along during the inspection and the public would be encouraged to demand and examine such identification documents.

The statement reminded the public that the deadline for the tax amnesty, which was declared by government for companies and other persons liable to pay tax, had long expired.

A task force from EOCO and the Ghana Revenue Authority would therefore undertake an exercise on March 3 to investigate arrest and prosecute all companies and persons who fail or refuse to fulfill their tax obligations.

The said statement said the first phase of the exercise would cover rent tax, pay-as-you –earn withholding tax, non-registration and or failure to collect Value Added Tax (VAT), failure to file VAT returns with Ghana Revenue Authority (GRA) and non-filing of annual returns with GRA.

It said tax payers would only be required to show proof of payment and that any payment should be made only to the GRA.

Source: GNA
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