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Filing of tax returns have numerous benefits

Accra, July 31, GNA – Mr Gabriel Gaanu, Senior Revenue Officer, Ghana Revenue Authority, (GRA), Kinbu District Office, says there are many benefits to taxpayers when tax returns are done on time.

He said this helps taxpayers to avoid the payment of various degrees of penalties from the Authority.

Mr Gaanu was speaking at a day’s tax education forum organised by the GRA for stakeholders in Accra.

He said filing of tax returns is mandatory and it helps to broaden the tax net, reduces tax compliance and help GRA to update its records on taxpayers.

"If taxpayers fail to issue a Value Added Tax (VAT) invoice, they are fined 100 penalty units or serve six months prison term or both," he added.

He said any taxpayer who files its tax returns on time would have the opportunity to access its tax review and also speeds up taxpayer’s application for tax refund from the Authority.

Mrs Vivian Kafui Danku, the District Manager, Kinbu District Office, GRA said the forum was to encourage voluntary compliance with tax payment and also GRA wants to establish taxpayer and tax administrator relationship.

She said the forum was also to update taxpayer’s knowledge concerning current trends in tax administration of the country.

She said for a company to be relieved from the payment of indirect tax, they need to apply to the commissioner.

Under the new automated systems being implemented for GRA and Registrar General’s Department, taxpayers at the GRA Domestic Tax Revenue Division offices and VAT Offices must re-register to facilitate the use of the new software systems.

The Authority has called on businesses to re-register as taxpayers to enable the Authority capture credible data to enhance revenue administration.

GNA


Source: GNA Story (http://www.ghananewsagency.org/economics/filing-of-tax-returns-have-numerous-benefits--92569)
Published: 2015-07-31 17:30:03
© Ghana News Agency