Vision1 FM                       Light FM                         Light TV

Tax evaders urge to apply for tax amnesty or risk prosecution

The Ghana Revenue Authority has appealed to all taxpayers especially tax evaders to take advantage of the tax amnesty period to regularize and straighten their tax records before the amnesty period expires at the end of August, 2018 or risk prosecution.



A 2016 report by the Integrated Social Development Centre (ISODEC), a civil society organization revealed that Ghana loses nearly 2.1 billion dollars to tax evasion and incentives annually.

According to the study, which was conducted on behalf of the National Coordinating Council of the Public Services International (PSI), there was the loss of revenue in excess of $4.9 billion from 1970 and 2008, as a result of the tax evasions by corporate groups, individuals, multinationals and other organizations operating in the country.

Such entities, according to the report, either dodge or evade taxes and under declare their incomes or engage in illicit trade, which affects the tax net, leading to the running down of the national revenue.

In a bid to address tax evasion, parliament recently indicated that it was considering the passage of another law to track revenue of business owners who operate both in and out of Ghana.

Speaking at sensitization programme for the Parliamentary Press Corps on taxation system in Ghana Senior revenue officer, programmes and policy department of Ghana Revenue Authority (GRA) Mr. Randolph Agyemang who made the appeal, however, cautioned tax evaders who flout the laws of the GRA to desist from such acts, lamenting that such composure will have negative reflections on the economy in the long run.



By:Akosua Asabea Asomaning/Vision1gh.com

More Lifestyle..

5 Ways to improve food digestion during pregnancy 5 Ways to improve food digestion during pregnancy 2018-06-22 - You may be having the time of your life being pregnant and eager...
Ghana FA Tells Court: AG's Claim Against The FA Has No Merit; It Must Be Dismissed Ghana FA Tells Court: AG's Claim Against The FA Has No Merit; It Must Be Dismissed 2018-06-22 - Solicitors for the embattled Ghana Football Association are ...
Gov’t to audit mines – Amewu Gov’t to audit mines – Amewu 2018-06-22 - Minister of Lands and Natural Resources, John Peter Amewu, has...
Selorm Adadevoh is MTN new CEO Selorm Adadevoh is MTN new CEO 2018-06-20 - MTN has appointed Selorm Adadevoh as the new Chief Executive...
AirtelTigo CEO Roshi Motman resigns AirtelTigo CEO Roshi Motman resigns 2018-06-19 - The CEO of AirtelTigo Roshi Motman has resigned to pursue new...