Business News of Fri, 7 Aug 20150
Businesses urged to communicate with tax officials
Businesses have been urged to maintain a good line of communication with the Ghana Revenue Authority (GRA) officials to ensure that they do not fall foul of the tax laws.
Mrs Iris Botchway, Office Manager Legon Medium Tax Payer Office, who gave the advice, said effective engagement with the tax authorities would enhance the understanding of the challenges the businesses are going through and how both parties could quickly resolve them.
She said taxpayers could visit the GRA offices as often as they want to seek clarifications on issues relating to tax payments.
Mrs Botchway, who is also an Assistant Commissioner, who was speaking a seminar in Accra, said the GRA is promoting the idea of voluntary compliance and this would be convenient for taxpayers.
“We do not want to wait for you to fall foul of the law and then jump at you with our enforcement tools.
“This seminar is, therefore, opportune in our collective efforts to increase your awareness of tax administration issues,” she said.
Mrs Botchway said the tax education was to enable the businesses assist taxpayers to appreciate their rights and obligations under the law.
She said the GRA is more interested in revenue mobilisation through voluntary payment of taxes than penalties and interests.
Mrs Botchway urged the participants to accurately comply with the provisions of the laws on taxes in order to avoid payment of penalties and interests.
Mr Martin Yamboriga, Head of Audit Legon Medium Tax Payer Office, said taxation is underpinned by law and the taxpayer has no choice than to comply.
He said it is important that businesses make efforts to know about the areas of taxation related to their jobs.
Mr Yamboriga said the success of any tax administration depends on encouraging voluntary compliance and creating taxpayer awareness, hence the need for such educational seminars.
Participants at the seminar were taken through the importance of filing their tax returns, types of tax returns, due dates for submission of returns and payment of due tax and sanctions applicable for failure to submit or late submission of returns.
The seminar also highlighted some new areas under the Amended VAT ACT 870 of 2013, especially the threshold for registration under the Act which is now GH¢ 120,000.00 or less over 12 months, promoters or organisers of public entertainment must register within 48 hours while auctioneers must register within 30 days of becoming an Auctioneer.