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The Ghana Revenue Authority (GRA) is leaving no stone unturned in meeting its revenue target before 2018 concludes two weeks.
Finance Minister, Ken Ofori-Atta had rallied the GRA to recover funds from individuals and entities who haven’t sorted their tax obligations to the state and the body is just doing that.
427 corporate tax defaulters and other entities are reported to owe the GRA GHc4.4 billion.
Companies in the Customs Division of the GRA owed GHC4 billion while others in the Domestic Tax Revenue Department (DTRD) accounted for GHc400 million in outstanding taxes.
The GRA has a tax revenue target of GHc39.8 billion for the year but having missed the target for 2017 by GHc1 billion, it remains to be seen if the authorities can measure up this time.
The authority intends to strictly enforce the 15% gifts tax rate on any gift valued at GHc50 and above thanks to the amendment of the VAT Act 810 which increased the gifts tax from 5% to 15%.
Commissioner-General of the Ghana Revenue Authority (GRA), Mr. Emmanuel Kofi Nti reckons the Tax Identification Number (TIN) can help it meet its revenue target.
An eligible tax payer without the TIN, an 11-digit unique number given to identify taxpayers and enable the GRA to credit them whenever they pay their taxes,cannot acquire a passport or obtain a driver’s license, open a bank account or file a case in court.
The fellow with a strict enforcement of the regime will also be unable to register a vehicle, clear goods in commercial quantities from the ports or register any title to land or any document affecting land.
Already the GRA has waived interest payment and penalties on tax defaulting companies and individuals as part of measures to encourage full compliance.
Source: Michael Eli Dokosi || Goldstreetbusiness