Entrepreneurs urged to file tax returns

Accra, April 15, GNA - Ms. Zaineb Yakubu, Principal Inspector of Taxes at the Internal Revenue Service (IRS), on Tuesday reminded entrepreneurs to pay their taxes regularly. She said filing of tax returns could also enable the individual to have easy access to clearance of goods, especially those in the import and export business.

Ms. Yakubu made the call at a seminar organized by the Professional Cosmetologists and Beauty Therapists Association of Ghana under the theme: "Forging Closer Links with the Tax System". The seminar brought together participants from the various areas of the beauty industry together to be educated on the need to pay taxes. Ms. Yakubu said there was the direct tax collected by IRS and indirect tax collected by CEPS and VAT to run government machinery. She said before any business could be allotted a fixed amount to pay, there must be a provisional assessment to know the income accruing and therefore urged them to always document their sales and services for proper examination.

Mr. David Lartey, Revenue Officer of VAT Service, said the Service had introduced a VAT flat rate scheme to help retailers in the payment of the tax and advised the public to always take a VAT invoice receipt to stop companies from pocketing government funds. Mrs. Grace Amey-Obeng, President of the Association, said it had become necessary for members to understand the system in order to help them to contribute to the development of the nation.