GRA holds seminar for large taxpayers

The Ghana Revenue Authority GRA) has held a seminar for large taxpayers in Accra.
The aim of the seminar was to ensure that taxpayers with annual turnover of more than GH₵5million are well-informed about the processes of filing their taxes.

Deputy Commissioner of the Large Taxpayers Office, Kwame Apenteng, said most of the companies under the LTO are not abreast with issues of taxation.

“The lack of education and information is one major challenge hampering the collection of revenue from the large taxpayers. Most of the companies do not know how to file their returns, and the payment schedules and penalties that may apply.

“Most of the companies also do not have good accountants and auditors, so they are still repeating the same old mistakes. That is the essence of this workshop: to take them through our functional areas again so that they will be able to know how to file their taxes,” he said.

Mr. Apenteng added that companies are expected to give projections so the Authority can know how much they can pay.

He added that during the course of the year changes can occur, so companies are also expected to revise their accounts to reflect changing trends.

“You can revise upwardly or downwardly due to the changing price of gold on the world market as an example. After that, you have four months to come out with your final returns -- which include income made, cost incurred, and expenditure made.

“In the law, a gap of not more than 10% is given; so if you deviate more than the 10%, then the Authority can penalise you,” he added.

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