Minister reminds public on withholding taxes

The Ministry of Finance and Economic Planning has directed importers to use their Tax Identification Number (TIN) when clearing goods from the port and pay the appropriate taxes.

A statement issued by Mr Cassiel Ato Forson, Deputy Minister of Finance and copied to the Ghana News Agency in Accra directs Ministries, Departments and Agencies as well as Metropolitan, Municipals and District Assemblies to withhold the applicable rate of payment they make to their contractors; suppliers and remit same to Ghana Revenue Authority (GRA) as soon as possible.

The statement said similarly any employer who collects withholding taxes from his employees must also remit same to the GRA at the required period.

He said failure to comply with the tax obligations would result in the GRA surcharging the withholding entity the amount involved in accordance with Section 88 of the Internal Revenue Act, 2000 (Act 592).