SMEs told to keep proper records for accurate taxes

Small and Medium Enterprises (SMEs) have been advised to keep proper records to enable them to know their expenses and the right taxes to pay.

“If you (SMEs) fail to keep proper records, Ghana Revenue Authority will calculate for you what it deems right,” said Mrs. Sally Molley of the Small Tax Payer Division of the Ghana Revenue Authority (GRA).

She explained that the GRA was mandated to calculate the appropriate taxes and collect them and pay into the government’s coffers for development.

According to a GNA report, Mrs. Molley said these during an engagement with the SMEs on the Responsibilities of the Tax Payer at Takoradi.

She said various complaints that the Authority had issued high rating systems on tax payment were due to the lack of data and recording at the respective businesses to work with.

Mr. Peter Baah, an Assistant Commissioner of the Unit, urged all businesses to register for the TIN number to help speed up business transactions and to solicit the needed assistance from the authorities should the need arise.

He said soon the activities of the Authority would be automated and it was the TIN number that could help in doing business with the relevant bodies.

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