VAT flat rate scheme for retailers launched in the W/R.

Takoradi, July 27, GNA - The Value Added Tax (VAT) flat rate scheme that would facilitate voluntary compliance by taxpayers, particularly those in the retail trade in the Western Region, was launched in Takoradi on Thursday with a call on institutions to support efforts to maximise tax collection. Mr. Anthony Evans Amoah, the Regional Minister who launched the scheme, said the flat rate scheme would make calculations and actual payment of tax simple.

It would widen the tax net to cover those in the formal and informal sectors. He appealed to people to regard voluntary tax payment as a form of discipline and said taxes must not be seen as the surplus of ones income but compulsory payment of part of one earnings to enhance national development.

Mr. Philip Kwesi Nkrumah, Shama Ahanta East Metropolitan Chief Executive, commended the VAT Service for the introduction of the flat rate scheme.

He enumerated some of the benefits of taxes to the government and noted that even though the payment of tax was "a difficult thing to do, it is a civic responsibility and religious obligation for every citizen".

Mrs Akosua Adu-Boateng, acting regional head of the VAT Service, said the introduction of the VAT flat rate for retailers was another milestone in the development tax administration in the country. She said the scheme, which would come into effect from September, was more efficient to operate and it would also eliminate the difficulties in calculating VAT payable under the invoice credit system.