Review tax collection to allow free information flow

Nkoranza (B/A) Sept.10, GNA - Mr. Kwadwo Wiredu, an Nkoranza-based entrepreneur, has called for the review of the Internal Revenue Service (IRS) tax collection procedure to enable private companies know their fixed annual taxes within a fixed time frame.

He said if the data of all private companies were compiled, their activities studied and their taxes arranged based on their turn-over, the companies would also know their respective taxes and pay them regularly Speaking to the Ghana News Agency (GNA) at Nkoranza, Mr. Wiredu said it would also enable private companies to organise themselves and pay the taxes in instalments where appropriate, based on their financial strength. "If we are given the opportunity to pay our taxes directly through the bank and into special accounts it would help the government to determine the actual amount we pay within every year", Mr. Wiredu suggested.

The businessman explained that if taxes were paid through the bank, officials of the IRS could monitor receipts and payment orders and private businesses could not evade payment of taxes. "It has been the habit of some private businesses to close their stores immediately they hear that officials of the IRS intend to come and collect taxes", Mr. Wiredu noted, adding, "if such people are made to pay their taxes through banks, there is no way they can refuse to honour their tax obligations".

He called on the government to recognize the invaluable role the private sector played in nation building and appealed that taxes imposed on private businesses would be reduced so that they could continue to contribute meaningfully to national development. Mr. Wiredu advised private companies to register their businesses with the Registrar General's Department to receive recognition and support from the government and urged them to pay their taxes regularly. 10 Sept. 09