Tema-Ghana, Oct. 27, GNA – The Ghana Revenue Authority (GRA)-Tema has honoured COSCO Shipping Limited, Delta Agro Limited, and AVS Industries for their sustained three years of voluntary tax compliance and outstanding commitment to tax compliance.
These industries received citations and awards on passing the Commissioner-General’s initiative, which identified highly compliant taxpayers with fully updated payments and adherence to all applicable tax obligations.
According to Ms. Vivian Shika Omolumo, Assistant Commissioner-Tema Community One, Task Service Centre GRA’s core responsibility was to administer taxes, which entailed identifying taxpayers, evaluating their financial activities, assisting with the filing of tax returns, and ensuring that the tax revenue collected was accounted for by the government.
She said the focus of taxpayer education was primarily directed towards fostering the practice of maintaining reliable financial records, which was vital because tax returns were essentially self-assessments.
“The accuracy and completeness of tax returns rely on the credibility of the records maintained by the taxpayers themselves,” she said.
Ms. Omolumo added that the awarded industries revealed minimal exceptions and discrepancies, attesting to the quality of their record-keeping practices.
“It is on the basis of these exemplary practices that these companies have been singled out for recognition. They pay their taxes without anyone having to remind them,” she said.
Adding to that, as we approach the end of the fiscal year, it’s essential to understand that tax compliance rates vary depending on the specific type of tax.
“For Pay-As-You-Earn, roughly 70 percent of taxpayers consistently file and pay their taxes. Value Added Tax (VAT) compliance falls between 70 percent and 80 percent.
“However, compliance rates for corporate income tax and personal income tax are somewhat lower due to provisions allowing extensions for filing.”
She emphasised that precise compliance rates for corporate income tax were challenging to determine, but personal income tax compliance typically ranged from 50 percent to 60 percent.
Ms. Omolumo stated that the GRA was committed to ensuring fair and accurate tax assessment and encouraged all taxpayers to reach out for guidance and support, underscoring their readiness to facilitate their efforts in preserving dependable financial records.
She emphasised that GRA would continue to utilise proactive measures like bulk SMS messages and publications through the media and escalate enforcement actions to prompt compliance and notify taxpayers of filing due dates.
