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08.02.2006 Business & Finance

Takoradi VAT Office collects ¢105bn in 2005

By GNA

Takoradi, Feb. 8, GNA - The Takoradi Local Valued Added Tax (VAT) Office could not achieve its revenue target for last year, Mr Abeiku Cudjoe, Head of the Local VAT Office, said on Tuesday.

Speaking in an interview with the Ghana News Agency (GNA) in Takoradi, he said the office collected 105.25 billion cedis VAT, as against a target of 110 point 24 billion cedis.

Mr Cudjoe said what VAT realised included National Health Insurance Levy of 17.54 billion cedis, adding that, the target for the levy was 18.37 billion cedis.

He said in 2004, the office collected VAT of 81.81 billion cedis, as against a target of 72.51 billion cedis.

Mr Cudjoe said this year's target for his office was 133.41 billion cedis.

He said in order to achieve this; the office would place greater emphasis on customer care to ensure voluntary compliance by registered traders.

Mr Cudjoe said audit of records of traders and enforcement and debt collection would also be intensified.

He said final demand notice would soon be sent to traders, who owe the office to pay up within one week or have their premises sealed off. Mr Cudjoe hoped registered traders would take advantage of amnesty granted by the Ministry of Finance and make appropriate declaration and pay all VAT dues.

He observed that some traders do not issue VAT invoice to customers as required by law and activities of traders involved were being monitored to ensure compliance.

Mr Cudjoe advised the general public to demand VAT invoice, when they make purchases from registered traders for the VAT office to collect revenue for the development of the country.

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