Over 10,000 Firms Submit VAT Returns - Official

Accra (Greater Accra), 15 March '99 -

About 10,112 companies and individuals have so far submitted their Value Added Tax (VAT) returns. The number represents 80 per cent of the 12,640 companies and individuals registered to charge the new tax. The VAT Secretariat is yet to receive returns from the remaining companies. The source said firms are still registering to collect VAT and this may increase the number of registered companies in few months. It attributed the increasing number of registered firms to understanding and sustained education embarked upon by the VAT Secretariat and its allied agencies. The source told the GRi that people, especially, business organisations and individuals have realised the importance of the tax and described the development as encouraging. It however, did not rule out abuses in the system, especially in the rural areas, and cautioned that offenders would be drastically dealt with in accordance with the provision of Act 546 section 28 which spelt out clearly the penalties for abuse of the new tax system.