He said investigations by the Medium Taxpayers Office indicated that a good number of active rural banks in the Region were not complying with the VAT Act 2013 (Act 870) and warned that the Authority could “descend heavily” on the banks soon.
He said it was an offence for the banks and other institutions collecting VAT on behalf of the GRA to keep the returns for more than six months and urged them to comply with the law to avoid sanctions.
Mr Kumah advised the banks to put systems in place to track financial services that fell under the VAT Law and pay that element to the Authority to avoid being surcharged by the Authority.
He said the new VAT Act was friendly and urged the citizenry to get familiarised with it and comply with the provisions.
The participants were taken through the VAT Act 2013 (Act 870) and Income Tax Act 2015 (Act 896).
Source: GNA/News Ghana
