GRA To Audit, Prosecute Tax Defaulting Companies From Sept 30

Government says it has contracted experts to work along the staff of the Ghana Review Authority (GRA) to conduct a forensic audit of companies in priority sectors of the economy.

According to the Finance Minister, Ken Ofori-Atta, the Authority will undertake an audit of multinational enterprises to ensure that the right taxes are levied and collected.

While government’s Mid-Year Budget Review in parliament Thursday, he said GRA in conjunction with the relevant authorities will embark on an exercise to prosecute and retrieve all government revenues held in abeyance.

“They will deal with companies that have failed to pay their taxes due to tax evasion or malfeasance,” he said.

Earlier this year, government introduced Tax Amnesty for businesses, organisations and persons.

It offers a limited-time opportunity for taxpayers and potential ones who have defaulted in their tax obligations to come out voluntarily and honour their obligations in exchange for forgiveness of the interest and penalties in some cases.

The Authority has urged tax defaulters to take full advantage of the ongoing policy to file their tax obligations without a penalty or face prosecution after September 30, 2018.

The Tax Amnesty grace period elapses on August 31 and business and individuals who would fail to take advantage of the period and settle their tax obligations with the Authority will suffer the consequences.

Finance Minister and Vice President walking into parliament to present the Budget

The Tax Amnesty policy also serves as a platform for the GRA to broaden the net.

Mr Ofori-Atta also said the campaign that commenced at the beginning of the year to increase the number of Tax Identification Number (TIN) registered persons, encourage the voluntary filing of tax returns and a general amnesty for taxpayers who voluntary registered is ongoing.

The Authority began a strict implementation of the TIN policy that will make it impossible for anyone to transact any business or live a meaningful life without it.

The 11-digit number is a unique identification of taxpayers that will ensure tax compliance, help to properly monitor and broaden the tax net.

Without a TIN number, it is impossible for anyone to clear goods at the port, register land at the Lands Commission; obtain a tax clearance certificate from the GRA or even open a bank account.

One cannot register a company at the Registrar General’s Department nor register a vehicle at the Driver and Vehicles Licensing Authority (DVLA) since the TIN implementation.

The Finance Minister said GRA will intensify education to enable as many taxpayers as possible to take advantage of the grace period to register.

He also disclosed that TIN numbers have increased from 14,000 in April 2018 to 112,000 in June 2018.

Story by Ghana| Myjoyonline.com |Abubakar Ibrahim |[email protected]