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Business News of Saturday, 11 November 2006

Source: GNA

VAT Service closes down TredEnvitech office at Nsuta

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Wassa Nsuta (W/R), Nov. 11, GNA - Value Added Tax (VAT) Service has closed down the offices of TredEnvitech company, dealers in environmental and sanitation materials at Wassa Nsuta near Tarkwa for non-payment of Value Added Tax (VAT) returns. The VAT Service on Friday embarked on distressed action on some registered traders owing the service at Tarkwa and its environs. Six companies owe the Service about four point nine billion cedis, five of them instantly mobilized funds to settle their debts leaving TredEnvitech.

At the premises of Banlaw Africa Limited, a sub-contracting mining firm, Mr Ian Kotze, Financial Controller of the company, had a confrontation with VAT officials.

The management of Gold Fields Ghana Limited, Tarkwa Mine, paid three point six billion cedis (3.6 billion cedis) being arrears from 2003 to 2005 to prevent VAT officials from sealing off the offices of Banlaw.

Speaking to newsmen, Mr Samuel Ackah Blay, Wassa West District Principal Revenue Officer said the action was necessitated after several attempts to retrieve the money had failed. Mr Ackah Blay expressed satisfaction about the outcome of the exercise because about 90 per cent of the amount was retrieved from the companies and traders.

He asked traders who owed the Service to honour their tax liabilities before another exercise in December. 11 Nov. 06

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