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09.12.2005 General News

Book on Taxation launched

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Accra, Dec. 9, GNA - Vice President Alhaji Aliu Mahama on Friday asked tax collecting agencies to ensure that all sections of the population were adequately informed of their tax liabilities and steps to be taken to discharge such obligations.

"The people should be educated on why they need to pay taxes. The taxpayers should also be educated for what purposes the taxes are being used," he said, at the launch of a book on "Income Tax, Gift Tax and Capital Gains Tax" in Accra.

The 287-page book written by the Auditor-General, Mr Edward Dua Agyemang is the first book written after the putting together of the three principal decrees, Income Tax Decree 1975 (SMCD 5), Gift Tax Decree 1975 (NRCD 348) and Capital Gains Tax Decree 1975 (NRCD 347), which were replaced by the Internal Revenue Act 200 (Act 592) that came into effect in January 2001.

Alhaji Mahama said strategies on minimising revenue leakages in all revenue collection agencies; reviewing and revising existing taxes and strengthening the capacities of revenue collecting institutions must be adopted to help to increase resources for developmental goals. Vice President Mahama commended the author for the intellectual work and expressed the hope that his book would make an important contribution to the general knowledge about taxation in Ghana. He said the practice whereby students of accountancy and practising accountants had to rely on textbooks produced abroad with foreign terminology and expressions was a detriment and locally produced textbooks, designed to meet specific requirements in Ghana must be encouraged.

Mr Dua Agyemang said it took him two years to write the book, which is his eighth and that the book provided topical questions at the end of each chapter to aid class and homework for students. The book provides practical illustrations including case studies for students and teachers.

Tax practitioners, accountants, bankers and lawyers would also find the book very useful.

He said the price of the book would be released next week and copies would be found at the various bookshops at the University of Ghana, Legon; Cape Coast University; Kwame Nkrumah University of Science and Technology and other leading bookshops.