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24.09.2004 Business & Finance

Tax Stamp to be introduced by IRS in 2005.

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Takoradi, Sept 24, GNA- The Internal Revenue Service (IRS), in pursuance of its policy of widening the tax net, has decided to introduce a Tax Stamp Regime from next year to compel small-scale businesses that operate outside the tax net to honour their tax obligations.

Mr Francis Tetteh Nartey, Assistant Commissioner of Tax of the Takoradi, said this at a tax education rally organised by the Federation Association and Unions of National Revenue Agencies (FAURNA) at Takoradi on Friday.

He explained that under the regime, owners of those businesses would be required to purchase tax stamp from IRS offices each quarter and display them in their shops as evidence of their tax compliance. Mr Nartey said he hoped the introduction of the Tax Stamp would generate a lot of revenue for the government.

He said to widen the tax net IRS is opening more sub-offices all over the country in an effort to get closer to the potential taxpayers. Mr Nartey urged all taxpayers to deal directly with the tax office near them for professional and quality service.

The Sector Commander of CEPS, Mr George Nsiah, said the Takoradi Sector collected 504.57 billion cedis as at mid-September 2004 as against the target of 504.30 billion cedis and thus registering a positive variance of 270,255,129.00 billion cedis or 0.09 per cent. He said the Takoradi Sector collected 346.78 billion cedis for the same period last year.

Mr Abeiku Cudjoe, Head of Local VAT office, said problems confronting the office are the refusal of traders to issue VAT/NHIS invoices as well as failure of the public to demand invoice.

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