Government has collected a total amount of ?191.3 m after lowering the Value Added Tax (VAT) threshold from ?200m-?100m affected from April this year.
The reduced threshold which applies, only to traders in the retail sector has captured 830 registered new retail traders whose turnover fall within the ?100 to ?200 million bracket duely registered by the VAT Service as at 30th Sept, this year.
The Deputy Minister for Finance Dr. Agombila Agambila made this statement on the floor of Parliament yesterday when he stood in for the Minister of Finance Hon. Yow Osafo Maafo during question time in parliament.
According to the Deputy Minister, the lowered threshold of VAT registration is part of government's efforts to restructure tax administration and collection amended thrage act 2001, (ACT 595) of the CAT Amendment legislation.
He said 9,480 whose turnover is below ?100 were registered whiles 1,090 registrants turnover fall between ?100 million to ?200 million.
He further disclosed that, the VAT registered traders increased from 16,106 by the end of 1999 to 18,125 by the close of test year.
This, he said shot up still to 18,302 by the end of September this year whiles nearly 700 traders have been de-registered since the beginning of the year as a result of traders ceasing to perform taxable activities.
On the issue of reaching the high tariffs put on Cocoa products, Dr.Agambila said, Ghana, being a member of the International Cocoa Organization (ICO) collaborates with other members of the organization for the mutual benefit of cocoa producers and consumers under the International Cocoa Agreement (ICA).
The Deputy Finance Minister noted that the ICA is aimed at contributing to a balance development of the idea economy throughout the world in the interest member through appropriate measures including promoting and encouraging consumption of chocolate and coca-based products would be enforced in January next year.
This he observed would increase demand for cocoa in close corporation with the private sector adding that government id encouraging the consumption of cocoa products locally especially serving at official functions.
In view of the fact that the ICO regularly reviews the trade tariffs on cocoa and cocoa products and would continue when a new round of international trade negotiation gets underway, Dr. Agambila said, a lot of measures are adopted at the ICO level to persuade countries which are not members of the European Union (EU) and ICO to reduce tariffs for cocoa product from producing countries.
In respect to the use of the numerous offices built by the Suhum cocoa project lying idle in the bush, the Deputy Minister said, the 108 buildings involved are located in 18 different towns and villages.
The properties comprise office blocks, bungalows and junior staff quarter.
As indicated by his, 60 buildings are occupied by the Ghana Cocoa board, Suhum Kraboa Coalter District Assembly and other agencies whiles 12 buildings are used by the Ministry of Agriculture as arrangements are underway to formally transfer the properties to them.
Dr. Agambila said, in 1994, COCOBOD entered into a Tenancy Agreement with the Suhum Kraboa District Assembly for the Assembly to use some of the properties in 14 towns and villages, which include Suhum Amanhia and Kofi Tare.
He however noted that an amount of over ?5.7 million was collected by the erstwhile Cocoa Services Division as rent from the Suhum Kraboa Coalter district Assembly for 1994 and 1995 whiles a total of over ?17.3 million has been deducted at source from property rates due to the District Assembly to cover rent for 1996 to 2001 adding that the rent would further be reviewed by the end of the year
