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28.02.2007 General News

Traders advised to register with IRS

By : GNA
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The Principal Inspector of Taxes at the Mankessim Office of the Internal Revenue Service (IRS), Isaac K M Quaye has admonished Ghanaians to register with IRS before commencement of business, profession, vocation or trade.

Those already in business must register at the beginning of every year to keep the IRS informed that they are still in business.

Mr Quaye said that was important as it afforded the taxpayer the opportunity to discuss his or her tax profile for the past year and what to look forward to in the ensuing year to help in assessing taxes for the year.

Addressing a tax education forum at Mankessim, the Principal Inspector of Taxes said it was obligatory for a taxpayer who ceased to do business to inform the IRS within one month after stoppage.

The forum was organized by the Mfantseman Directorate of the National Commission for Civic Education (NCCE) in fulfilment of its 1992 constitutional obligation to educate the public on their rights and responsibilities.

Mr Quaye said one was enjoined to pay taxes willing and promptly.

"For companies and persons in trade, business, profession or vocation by the end of every quarter, that is - March 31, June 30, September 30 and December 31", he advised and stated that failure to do that would attract a 10 per cent penalty each day.

Mr Quaye said "Pay as You Earn" (PAYE) being contributions from salaries of employees in order to satisfy their income tax responsibilities must be paid to the IRS by 15th of each ensuing month.

The tax officer spoke on the need for a taxpayer to file annual returns by the end of the fourth month and also incentives for taxpayers who had fulfilled their obligations.

Mr Quaye educated the people on tax relief available for them and urged them to take advantage of it.

It includes 300,000 cedis from ones income towards marriage, 25 per cent tax relief for the disabled, 300,000 cedis for old age, 240,000 cedis for child support for up to three children, 200,000 cedis for the support of aged dependants, 500,000 cedis towards cost of training, and 10 per cent tax rebate for life assurance.

He also spoke on penalties awaiting taxpayers who flouted the law.

Margaret Mary Sackey, District Director, NCCE said the forum was to bring stakeholders in payment of tax together to know what was expected of them.

She appealed to taxpayers to be sincere in the declaration of their turnovers and pay their taxes willingly for the development of the nation.

Nana Ataapim Kweenu VIII, Presiding Member of the Mfantseman District Assembly, who chaired the function, called for regular interaction between tax collectors and payers to deepen understanding on the need to pay taxes.

Source: GNA