The Tema Branch of the Ghana National Chamber of Commerce and Industry (GNCCI) has said that taxation was necessary for government to get funds to undertake developmental projects for the country.
Mr Isaac Youssef Barry, GNCCI-Tema Chairman said the Chamber realized that a lot of companies found it difficult to compute their taxes and which affected their compliance to the existing taxation laws.
He added that there was therefore the need to educate the business community on the new tax laws, the consequences of evading tax payment and the various exemptions available in the laws.
Mr Barry told the Ghana News Agency in Tema during a breakfast meeting organized by the Chamber to educate its members on tax compliance and to sensitize them on Ghana’s taxation laws.
He advised business operators to hire the services of tax professionals to help them in the filing of documentation, and payment of their taxes to avoid mistakes that might lead to incurring some penalties from the Ghana Revenue Authority (GRA).
Mr Roland Elinam Horsoo, a Director at Roblynx PURC, in a presentation on Tax Planning and Compliance urged businesses to plan their accounting figures to enable them comply with the various taxation laws and avoid defaulting in tax filing and payment.
Mr Horsoo reminded the public that taxes were compulsory levies legally put in place for individuals and businesses to pay for the development of a country.
The taxes he noted covered income from employment, income from business and income from investment stating however that the President’s salary and allowances in respect of discharging his or her duties were exempted from taxation.
Other non-taxable items were income of all Government of Ghana or local authority, pension, compensation for injuries or deaths, income of a non-resident from business, among others.
He said taxes were not meant to burden the companies therefore measures were put in place by the framers of various Acts to cushion them with exemptions and refunds, and therefore advised companies to take advantage of such provisions to mitigate the effects of taxes on their operations.
According to him, a provision in the Tax Administration Act made a manager liable to sanctions even if they no longer worked at the company unless one could prove that they took all reasonable measures for the company to file and pay but they didn’t.
He said there were many incentives in paying taxh than evasion, announcing that government was putting in measures and systems through the Ghana Card to monitor non-compliant companies and encouraged companies to contact the Chartered Institute of Taxation for advice on professionals.
Ms Bernice Agyemang, Director and Tax Advisor at Roblynx PURC on her part reiterated that government had put a human face on the payment of taxes and therefore urged businesses to book appointments with GRA commissioners to explain their tax related challenges with them for redress.
She reminded defaulting companies to contact the GRA to file their taxes and regularize their documentation and have a payment plan before the end of September, 2021 to take advantage of a free period that the Authority put in place for such defaulters to enjoy some interest and penalty waiver for defaulting.