The Ghana Revenue Authority (GRA) is continuing its arrest and clamp-down on non-compliant VAT businesses.
In that vein, managers of some four business firms – Legacy Hotel, North Kaneshie; Kegali Hotel at Sakaman Estates; Mascot Hotel in Dansoman; and Silver Cloud 68 supermarkets at Mamprobi – were arrested and invited by the GRA to assist in investigations pertaining to non-issuance and selective issuance of VAT receipts.
Head of Accra Central Enforcement Unit of the GRA, Assistant Commissioner Joseph Annan, during an enforcement exercise in Accra said the operations will continue till full compliance is achieved.
The GRA, Mr. Annan said, will conduct pre-emptive assessments with full audit and take legal actions to prosecute businesses found culpable.
He said section 41 of the VAT Act stipulates that businesses issue VAT invoices at all times, and failure to do so contravenes the law.
With the Bank of Ghana reporting in its May 2023 Monetary Sector Report an increase in domestic VAT collection by 92.4 percent year-on-year basis from GH¢649million to GH¢1.2 billion in first quarter this year, Mr. Annan said the performance gives extra motivation for the authority to meet its target this year.
The GRA has set a revenue target of GH¢106billion, of which the Customs Division is expected to collect some GH¢28.5billion in 2023.
Also, the GRA has listed some 93 businesses across the capital as targets of enforcement and compliance this year.
It reiterated that it will continue to implement a number of tax policy initiatives to boost domestic revenue mobilisation. Among such measures are the Electronic VAT, Electronic Tax Clearance Certificate, upfront payment on imported goods, excise tax stamp and resumption of vehicle income tax payment, among others.
Other initiatives to shore-up and improve revenue mobilisation include the ongoing e-VAT invigilation exercise, and test purchase and mystery shopping exercises by the Authority.
Source: thebftonline.com
