Business News of 2014-06-21

GRA holds tax education in Yendi

As part of efforts to improve revenue mobilisation, Ghana Revenue Authority (GRA), has organised a day’s tax education seminar on the essence of tax obligation for more than 150 tax payers and stakeholders in Yendi.

The taxpayers were drawn from Zabzugu, Saboba, Gushegu, Karaga, Kpandai, Nanumba North and Nanumba South Districts as well as Yendi Municipality. The participants were taken through the various tax systems including withholding tax, rent tax, record keeping and rights and obligation of tax payers.

Mr Alfred Annang Mensah, Municipal Manager of GRA said as part of the company’s cooperate responsibility series of seminars are organised to educate taxpayers and stakeholders on tax issues.

He said such seminars provide an interface between taxpayers and tax administration, which helps to create a friendly atmosphere in tax collection. Mr Abugri Afuugu, an official of the GRA said people who contravene the tax laws commit offences liable to summary conviction to a fine not exceeding 100 penalty units or imprisonment for a term not exceeding three months and where the offence is recurrent a further fine of 20 penalty units would be imposed.

On withholding tax threshold for supply of goods and some services, Mr Afuugu indicated that currently the new threshold is GH¢ 500.00 per annum. He explained that withholding tax is an amount of tax that an agent of the Commission-General is required to withhold from a payment to a player for transaction that is subject to tax.

Mr Sarfo Kantanka, Municipal Coordinating Director called on the GRA to intensify its tax education to enable taxpayers to honour their tax obligation. He appealed to tax payers to honour their tax obligations to develop the country.