Mr Yaw Osafo Maafo, Minister of Finance has exposed tricks by tax officers and agencies, which lead to losses of substantial revenue to the nation.
According to the Independent, the nation lost 55 percent of tax revenue through the activities of corrupt tax collectors, illegal granting of exemptions and the tax loopholes that enable some of the most successful businesses to avoid taxes; he said.
This was contained in an address read on his behalf by Dr. Ghesiha Agambilla, a lecturer at the School of administration at the opening of the annual management seminar of the Southern Sector of the Internal Revenue Service on Wednesday March 14, at Takoradi.
Mr. Maafo referred to a feeling among some members of the public that revenue agencies publish low targets and at the end of the year, declare excesses so as to attract bonus payments. This, if true, undermines the tax system and promotes loss of revenue, he said.
The Finance Minister re-emphasized the government's decision to restructure the tax administration of the country to ensure greater efficiency in tax collection.
He commented on the claims by the IRS that it exceeded its target in revenue collection for 2000 and asked; how was the targeting done for the year 2002? What was the scientific basis for the process? Could it have been done better?
