Income tax law to be reviewed to woo investors

Konongo (Ashanti Region) 19 March '99

Konongo (Ashanti Region) 19 March '99 The country's income tax law is to be reviewed to help woo investors into critical sectors of the economy, Mr G.K. Adeyiga, Assistant Commissioner, Internal Revenue Service (IRS) in-charge of Ashanti, has announced. The review, he explained, would introduce new provisions to modernise, simplify and create a tax regime that would be more "taxpayer friendly". At the opening of a two-day Regional Management Seminar being held at Konongo in the Asante-Akim North District for District and Unit Heads of the IRS, Mr Adeyiga said the IRS is also in the process of putting in place a corporate plan to help achieve its vision of increasing the collection targets to enable the government meet the demands of the people.. The seminar is under the theme "The Service on the threshold of the new millennium --Evolving sustainable strategies". Measures lined up under the corporate plan include the stepping up of tax education to facilitate voluntary compliance, creation of additional tax offices to effectively cover both the fast growing areas and the countryside, and intensification of books examination and records of taxpayers. The IRS tax collection target for this year is one trillion cedis, an increase of 27.39 per cent over the 1998 total collection of 789 billion cedis.