Accra, Aug. 4, - An Assistant Commissioner of the Internal Revenue Service (IRS) said in Accra today that the amount of tax collected every year grows by 50 to 65 per cent. Mrs Janet Opoku-Akyeampong in charge of assessment and collection told the GNA in an interview that though it is possible that some individuals and firms are eluding the tax net, the country's rate of tax collection corresponds to that of business activity. While some people or firms evade it deliberately, others ignore it as long as they are not approached by tax collectors. Speculation is rife within economic and political circles that government's move to increase revenue by the introduction of VAT will be jumping the gun since many individuals and businesses are out of the tax net. They maintain that though VAT is a step in the right direction, its impact will be felt better if all loopholes in the tax collection process are plugged. "There is an average growth of between 50 and 65 percent annually and this may be due to the increased awareness in honouring tax obligations and the favourable investment climate", she said.
Accra, Aug. 4, - An Assistant Commissioner of the Internal Revenue Service (IRS) said in Accra today that the amount of tax collected every year grows by 50 to 65 per cent. Mrs Janet Opoku-Akyeampong in charge of assessment and collection told the GNA in an interview that though it is possible that some individuals and firms are eluding the tax net, the country's rate of tax collection corresponds to that of business activity. While some people or firms evade it deliberately, others ignore it as long as they are not approached by tax collectors. Speculation is rife within economic and political circles that government's move to increase revenue by the introduction of VAT will be jumping the gun since many individuals and businesses are out of the tax net. They maintain that though VAT is a step in the right direction, its impact will be felt better if all loopholes in the tax collection process are plugged. "There is an average growth of between 50 and 65 percent annually and this may be due to the increased awareness in honouring tax obligations and the favourable investment climate", she said.
