Companies submit VAT Returns

Accra, (Greater Accra) 25 Feb. '99,

Accra, (Greater Accra) 25 Feb. '99, About 770 companies and individuals have submitted their Value Added Tax (VAT) returns for January to the various VAT offices in Accra. The number is expected to go up by more than four times at the close of work on Friday, the deadline. This is the first submission of returns since VAT was reintroduced on December 30, last year. Nii Ayi Aryeetey, Head of the Adabraka office, said on Thursday that as at February 23, about 70 returns with payments had been received while Mr Gyimah Asante of the North Kaneshie office, said they received about 700 returns. Officials at the VAT Secretariat said the figure is expected to reach 2,400 by the close of Friday. A number of company representatives and individuals are rushing to beat the deadline to avoid paying any penalty. Registered companies which default submission of their returns by Friday would pay one million cedis penalty. They will pay additional 5,000 cedis for each day that they fail to submit the returns after the deadline. As early as 0700 hours, this morning about 30 people were in a queue at the Adabraka office to file the returns. The officials described the turn out as impressive and encouraging.