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Business and Economics

More Ashanti companies fail to file self-assessment returns

Kumasi, Aug 27, GNA – About sixty (60) per cent of companies in the Ashanti Region defaulted in filing self-assessment returns for the year and have incurred the wrath of the Ghana Revenue Authority (GRA).

Kumasi, Aug 27, GNA – About sixty (60) per cent of companies in the Ashanti Region defaulted in filing self-assessment returns for the year and have incurred the wrath of the Ghana Revenue Authority (GRA).

    Mr Edward Gyambrah, an Assistant Commissioner of the Authority, said the offending companies would not be given tax clearance certificate to operate.
    He was addressing a pre-budget consultative meeting held in Kumasi by the Finance and Economic Planning Ministry.
          It brought together small-scale enterprises, insurance companies, revenue collection agencies and other stakeholders in the financial sector to dialogue on how to promote tax compliance.
          Mr Gyambrah expressed concern over the reluctance on the part of some industry players to register their businesses with the GRA.
          That, he said, was completely unacceptable and denying the nation of the needed revenue for development.
          “You cannot do business without registering and any company irrespective of your turnover must register with the Authority,”  he said.
             Mr Gyambrah also complained of improper record-keeping and said that was to blame for increasing rate at which businesses were collapsing.
            He reminded them to keep proper tracking of their sales, income, expenses, assets and liabilities for growth.
  Mr Anthony Dzadzra, Head of the Tax Policy Unit, Finance Ministry, advised the people to pay their taxes to help the nation generate more revenue to support development.
  He said they would continue to explore innovative ways to widen the tax net.

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