A Senior Revenue Officer of the Ghana Revenue Authority, Mr. John Normenyo-Grives, has advised businesses to file their tax returns on time to avoid penalties.
Speaking at the 9th General Meeting of the Ghana Progressive Hotels Association (GHAPROHA), he said businesses needed to file their Pay As You Earn (PAYE) contributions on or before the 15th day of every month.
He explained that under the e-tax regime, penalties were generated automatically by the system after the deadline, adding that the PAYE contributions were withholdings from salaries of employees in order to satisfy their income tax responsibilities.
The association, as part of efforts to educate its members on their corporate responsibilities, invited the GRA to explain how the new tax regime works.
Topics covered included PAYE withholding taxes, corporate tax, classification of withholding tax, tax credit certificate, threshold (VAT) tax bracket, ACT 546, ACT 592 and ACT 870.
Mr. Normenyo-Grives urged the participants to familiarise themselves with the various Acts governing taxes so that they would be able to discharge their obligations effectively.
He asked them to demand the Commissioner’s Invoice (VAT), in addition to computer generated invoices (receipts) when they purchased items as the latter faded easily.
The Tema Regional Chairman of GHAPROHA, Pastor Gaedda Assando, lamented that hotels were saddled with too many taxes that threatened their survival.
He named a few of the taxes imposed on licences and permits as operational licences, sanitation permits, Ghana Tourism Authority licences and lodges pads, Environmental Protection Authority permits and Food and Drugs Authority licences.
Members of the association reviewed the past year’s activities and strategised for the way forward.
From Godfred Blay Gibbah, Tema