Business News of 2014-06-17

Taxpayers educated on new self-assessment tax policy

Businesses and Companies that have been granted the opportunity to self-assess their tax liability to be paid to government, have been advised not to abuse the system.
This is to prevent punitive sanctions that are not healthy for business growth and development.
Mr Richard Ajago, an officer of the Ghana Revenue Authority (GRA), who gave the advice at an education seminar for stakeholders and taxpayers in Koforidua in the Eastern Region, emphasised that, the new self-tax assessment policy, was to improve upon compliance and confidence in the tax system and its administration.
A Ghana News Agency report explained that the self-assessment tax liability policy was a system where taxpayers declare their taxable income computed by themselves, and was introduced this year in the region.
He explained that the new self-assessment was a shift from the provisional assessment where officials of the GRA assessed one’s business and determined the tax liability.
According to Mr Ajago, the self-assessment tax liability was vigorously scrutinised, and indicated that GRA expected that the projections of tax to be paid under the self-assessment policy would not fall below 90 per cent, adding that any shortfall of the 90 per cent attracted a 30 per cent fine.
The Koforidua Sector Commander of the Customs Excise and Preventive Service (CEPS), a division of the GRA, Ms Elizabeth Ofori, advised the taxpayers to be compliant with the provisions and regulations, to avoid unnecessary sanctions which she described as quite punitive.
Mr Guggisberg Kumadoh, Audit Officer, GRA, who spoke on withholding tax, said the law stipulated that any goods and services provided above GH¢500 were, was liable to withholding tax, and people must demand their tax certificates after such taxes had been deducted from any amount due them.
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