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20.01.2011 Business & Finance

VAT Service to begin enforcement of regulations

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January 20, 2011 Takoradi, Jan. 20, GNA — The Takoradi Local Office of the VAT Service has announced plans to commerce strict enforcement of its regulations especially on auditing and filing of returns by businesses.

Ms Emelia Asaam, the Deputy Head of the Takoradi Local VAT Office, told the GNA in an interview that businesses that fail to file their returns on time would be required to pay interest.

She said some personnel of the Service would be dispatched to businesses to monitor whether VAT invoices were issued to customers after purchases.

Ms Asaam said businesses that failed to pay their liabilities would pay penalty to the Service adding that last year, 20 businesses that defaulted in payment of VAT were prosecuted.

She said last year the local VAT office exceeded its excise duty collections by 300 percent above the target set.

Touching on the integration of the VAT Service to other revenue agencies to constitute Ghana Revenue Authority, Ms Asaam said, it would enhance its revenue collections.


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