[ 2011-04-07 ]

GRA advises traders to keep record of VAT receipts
The Western Regional Head of the Ghana Revenue
Authority (GRA), Mr Francis Sapathy, has stated
that business operators are supposed to keep their
VAT receipts for at least six years before
disposing them off.

He said VAT officers would intermittently
undertake visits to businesses to perform cross
auditing and that if the business operators
destroy their receipts before such visits there
would be dire consequences.

Mr Sapathy said this at a day's workshop organised
by the GRA for traders in Axim on Wednesday to
educate them on the VAT Amendment Act 810.

He said business operators with the threshold of
GH¢ 90,000 and below within a year would attract
a flat VAT rate of 3 percent.

"In view of this, retailers, wholesalers, service
providers and manufacturers that fall within this
category would be required to pay the monthly flat
rate to the VAT Service", he said.

Businesses with threshold above GH¢ 90, 000 would
pay the standard VAT rate of 15 percent and urged
business operators to keep records of every
transaction.

Mr Sapathy said businesses that qualify to
register with the VAT Service should do so to
avoid being closed down and urged those who had
already registered with the Service to submit
their monthly returns on time.

He warned that any business entity that gives
false or misleading information to the Service in
order to evade paying taxes would face the full
rigours of the law.

He said the region had registered 3,200 traders
and that the tax regime is going through changes
to improve upon the system and make the collection
of taxes easier.

On the integration of the VAT Service, Internal
Revenue Service and CEPS to constitute Ghana
Revenue Authority, Mr Sapathy said it had brought
effective tax management and avoided the
duplication of services.

He noted that there is now one Commissioner
General in charge of support

Source - GNA

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