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Business News of Friday, 11 September 2015

Source: GNA

Taskforce closes down shops in Sekondi-Takoradi

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A Special Revenue Mobilization Taskforce constituted by the Ghana Revenue Authority (GRA), on Thursday, shut down four shops in the Sekondi-Takoradi metropolis for defaulting to honour their tax obligations.

The shops had defaulted tax payment totaling GH¢ 88,071.03 between 2009 and 2015.

The defaulters dealt in confessionary, clothing materials and rice, as well as mobile phones and accessories.

Briefing the media in Takoradi, after the unannounced exercise, Mr. Benjamin Ardayfio, Deputy Director for the Special Revenue Mobilisation Taskforce, in charge of Western Region, said that the exercise was aimed at compelling businesses to fulfill their tax obligations.

He said the new Value Added Tax Act, Act 870 of 2013, makes it obligatory for business operators to pay their direct tax and issue VAT invoices to prospective buyers, and thereafter, make statutory payment to the GRA.

Mr. John Jones Tsinasi, a Senior Revenue Officer with the Compliance Unit of the GRA, indicated that tax defaulters would pay 30 per cent penalty on the total direct tax and VAT liabilities and entreated businesses to comply with the law within the stipulated time frame in order to avoid any sanctions.