Mr Benedictus Danu, Head of the Medium Tax Division of Ghana Revenue Authority (GRA) in the Volta Region has warned entrepreneurs that sanctions exist for understatement about tax obligations.
Speaking at a media sensitisation workshop in Ho under the auspices of the Customs Division of the GRA, Mr Danu said under the emerging tax regime in the country the onus is on some category of tax payers to self- assess their incomes and fill in tax estimates.
He expressed regret that the tendency among some tax payers is to come up with “very low assessments”.
Mr Danu said the system of self-assessment is very flexible, allowing for reviews by the companies as many times as necessary within the tax year.
He said such reviews must be close to 85 per cent of the figures being reviewed while there is a 30 per cent penalty on the difference between the underestimated figures and the actual.
Mr Danu said it is important that tax payers reflect on the consequences of understating their obligations.
He said the GRA has a rigid pre and post filing monitoring and evaluation system.
Mr Danu said the self-assessment regime allows for tax payers to pay their taxes quarterly.
The workshop was the last leg of the regional tour of the GRA Customs Division under a UNDP supported Governance project to beef up skills of journalists in customs procedures.