Businesses urged to honour tax obligations on time

Businesses within the jurisdiction of the Agbogbloshie Medium Taxpayers Office (MTO) in Accra have been reminded to honour their tax obligations on time to avoid being sanctioned.

The reminder was given at a day’s seminar organised by the Agbogbloshie MTO on aspects of tax laws and the various penalties for failing to submit tax returns on the due dates of submission.

Speaking at the seminar, a senior revenue officer, Mr Selorm Dzah, urged taxpayers to file their tax returns on time to avoid being penalised. He said the delay also denied the state the needed resources for development.

Sanctions

Concerning Value Added Tax (VAT), he said the tax must be submitted not later than the last working day of the month immediately following the tax month.

“A taxable person who, without justification, fails to submit his or her tax returns to the Commissioner-General of the Ghana Revenue Authority (GRA) by the due date is liable to a pecuniary penalty of GH¢500 and a further penalty of GH¢10 for each day after the due date,” Mr Dzah said.

He said under Section 81 (4) of the Internal Revenue Act, 2000, Act 592, every employer was expected to file returns on the income tax of employees not later than March 31 following the end of every year of assessment.

The acting Assistant Commissioner in charge of the Agbogbloshie MTO, Mr Robert Kwame Delali Gbadegbe, in his welcoming address, said the seminar was to encourage taxpayers to be compliant.
Writer’s email :emelia.ennin@graphic.com.gh