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Business News of Wednesday, 12 December 2012

Source: GNA

GRA seals off offices of Akosombo Textile Limited

The Ghana Revenue Authority (GRA) on Wednesday sealed off the Accra offices of the Akosombo Textile Limited and the Akotex Synthetics Limited for non-payment of Valued Added Tax (VAT).

The two corporate entities have also faulted in the Pay as You Earned taxes to the revenue authority.

The two offices together owed the GRA more than eight million Ghana cedis in taxes.

Mr Wisdom Kofi Xetor, Principal Revenue Officer of the Large Tax Payer Office, who led the distress action, said they had engaged both companies since 2009 to settle the tax indebtedness but to no avail.

He said the action was the last tool of mobilisation opened to GRA to collect monies owed to it, adding that the companies would be given an ultimatum to pay and if they failed the Authority would take custody of their assets and sell them to defray the taxes.

Mr Xetor said the action was necessitated because the GRA noticed that the two companies were in business because they keep filing their returns.

“It is a painful exercise but there is no other option to recover the amount owed than the distress action,” he said, adding that the action was not an attempt by the GRA to collapse businesses but to enforce the VAT Law.

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