Africa-Press – Ghana. The Ghana Revenue Authority (GRA) Tema Community One Taxpayer Service Centre (TSC), has held its annual tax clinic, calling clients to study the country’s tax laws.
The tax clinic was on the theme: “Transforming for Impact and Growth, Accelerating Domestic Revenue Mobilisation Through Effective Compliance.”
Assistant Commissioner Prosper K. Gozah, the Office Manager of the GRA Tema Community One TSC, emphasized the need for the business community to be abreast with Ghana’s tax laws in order not to breech them.
Assistant Commissioner Gozah urged them to “buy the tax laws and study them; if you don’t understand the laws, contact the GRA for its interpretation.”
He also encouraged them to file their returns on time, as failing to do so would attract penalties, adding that the system had been set up in a way that the moment the deadline was up, the sanctions were automatically applied.
He explained that after the due date, a penalty fine of GHS500 is applied, after which, each day of default attracts GHS10, stressing that it was important for the business community to file
their returns since the GRA do not take delight in closing down businesses for lack of compliance.
Assistant Commissioner Gozah further cautioned businesses against providing the wrong figures in their financial books, revealing that the GRA see all their transactions in the system and therefore know the figures.
Mr Collins Obeng, a Debt Management Officer, in a presentation, said taxation play a major role in the country’s revenue mobilisation and development, so it was important for clients to conform to rules, regulations, laws, and guidance on the country’s taxes.
Mr Obeng reminded them of some of the taxation legal frameworks, such as the GRA Act, 2009 (Act 791), the Income Tax Act, 2015 (Act 895), the Revenue Administration Act, 2016 (Act 915), the Value Added Tax, and the Customs Act, among others.
He said the benefit of tax compliance included taxation being the fundamental pillar for the country’s financial revenue, avoidance of sanctions for failure to comply, access to government services, having investor confidence in their businesses, and financial stability.
Mr Jalius Alex Ali, a Returns Processing Officer, speaking on the tax obligations of businesses, said business owners were expected to register with the GRA, file their tax returns on time, and maintain accurate financial records.
Mr Ali stated that most of the clients have challenges in keeping accurate financial records, indicating that such acts come with so many challenges: “There are times that the expenses recorded are actually true, but when unable to produce the evidence, it makes it difficult for them to verify.”
He said the law mandates that companies kept their receipts and evidence of transaction for at least six years.
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