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16.10.2008 Business & Finance

Spare part dealers urged to honour tax obligations

By gna

Mr. Alfred Ntiamoah, Head of Kaneshie Local Value Added Tax (VAT) Office, on Thursday called on spare part dealers to honour
their tax obligations.

“The government recognises the private sector as the engine of economic growth as well as partners in development”, he said at an interaction dubbed; “Sensitising the Tax Payer and the Consumer Towards Enhanced Revenue Mobilisation.”

The day's interactive programme sought to educate traders in small businesses on the need to regularly pay their taxes and the importance of tax.

VAT is a tax on the expenses incurred by consumers when they pay for goods or services. It is not all goods and services which attract VAT. These include foodstuff produced and sold in their raw state, some agricultural and fishing inputs.

Mr. Ntiamoah said it was the funds from the tax which were used for development of social infrastructure such as schools, hospitals and roads.

He urged traders to register with local VAT office to enable them to issue VAT invoices since it was illegal and punishable if one did not comply.

Mr. Amos Asamoah Chairman of the Odawna Spare Parts Dealers Association, called on the government to educate small businesses on VAT operations for them to gain more understanding.