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Traders undergo training on VAT

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Thirty five newly regis­tered Valued Added Tax (VAT) traders have undergone a sensitisation workshop to create awareness on the signifi­cance of VAT in the country.

Participants were taken through series of presentations about the VAT system and how it operates in the country.

The Head of the Adabraka VAT office of the Ghana Revenue Authority (GRA), Mr Gabriel Kontor-Adampah, advised the participants to plan their tax in the running of their everyday busi­nesses.

“Tax planning is simply the steps taken by a taxpayer in arranging his or her tax affairs in order not to pay more than what he or she is supposed to pay” he explained.

He further mentioned that the VAT service was taxed to collect two and half percent on goods to support the National Health Insurance Scheme.

He noted that the two and half out of the twelve and half percent VAT charged on goods and services was ear­marked to support educational facility improvements such as, building of classroom blocks, dormitories, purchasing of school buses among oth­ers.

With issues concerning the oil find in the country, Mr Kontor­ Adampah urged Ghanaians not to think that the menace of poverty would be solved with the discovery of oil in the country.

He charged the government to use the opportunity to generate their own internal taxes in the oil and gas industry.

The Head of Client Service Unit of the Adabraka Local VAT Office, Mr Welbeck Asare Asamoah, called on shoppers during the Christmas season to ensure that the VAT they paid were accounted for by collecting the VAT invoice at the end of any transaction.

“Traders should pay their VAT in time to avoid any inconveniences by the GRA” he added.

Source: Daily Graphic

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