Taxes From Purchases Not Profit - Manufacturers Told

Akim Oda Manufacturers have been reminded that the tax they collect from purchasers on behalf of the Customs, Excise and Preventive Service (CEPS) or the state is neither part of their working capital nor profit and should therefore not be used as such. Mr Christopher Dzah, Chief Collector, CEPS, Koforidua, gave the advice when he launched a tax education campaign at Akim Oda. He said to curtail such wanton use of state money by some manufacturers, CEPS officers have been empowered to enforce some laws which prescribe penalty and interest to be charged against any defaulter. Mr Dzah said manufacturers who fulfil their tax obligations, enjoy tax concessions on their imported raw materials. Mr Kwadwo Akuamoah-Boateng, Birim South district co-ordinating director, reminded manufacturers and traders that they have a vital role to play in the socio-economic development of the country. He urged them to discharge their tax obligations honourably and to advise their colleagues against tax evasion. Mr Adjei Amoako of the Internal Revenue Service (IRS) who presided, reminded traders that the tax collected by IRS is based solely on one's profit and they should prepare proper accounts to ensure that they pay the correct tax. Gri