Keep proper documentation for smooth VAT assessment

Kumasi (Ash), Aug. 27, GNA - The acting Head of the Value Added Tax (VAT) Service in Kumasi, Mr Emmanuel Akpaku, has urged operators in the hospitality industry to keep proper records and adequate documentation to aid the accurate assessment of their taxes.

He explained that they could efficiently prepare the annual record of their activities only through proper documentation.

Mr Akpaku was speaking at a seminar organised by the Service for more than 300 hoteliers and restaurant operators at the Social Security and National Insurance Trust (SSNIT) Conference Hall, in Kumasi.

The theme was: 93Ensuring Compliance in the Hospitality Industry."

The seminar was aimed at educating them on the need to ensure that their operations are consistent with the provisions of the VAT Law.

It is the second in the series to be organized by the VAT to help them have a better understanding of their rights and responsibilities under law.

Mr Akpaku reminded them to declare the right amount of taxes, timely file their monthly returns, issue the tax invoices to customers on all taxable services and to charge VAT on all services rendered.

He said it should not be lost on anyone that without taxes the government could simply not undertake the jobs of building roads, schools, hospitals, and markets.

It can also not pay the salaries and emoluments of the civil and public service workers.

It was on the basis of these, he said, that they should accept to voluntarily comply with the payment of the VAT to reduce the cost involved in the tax collection.

The Supervisor of Operations, Mr Francis Adjom, told them that, issuing their own invoices, failure to register for VAT payment and falsification of documents are crimes and warned that offenders would be brought to justice.