The Ghana Revenue Authority (GRA) has warned entrepreneurs that sanctions exist for understatement of tax obligations.
Speaking at a media sensitisation workshop in Ho under the auspices of the Customs Division of the GRA, the Head of the Medium Tax Division of the GRA, Benedictus Danu said under the emerging tax regime in the country, the onus lies on some category of taxpayers to self- assess their incomes and fill in tax estimates.
He explained that the system of self-assessment is very flexible, allowing for reviews by the companies as many times as necessary within the tax year.
According to him, 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 was important that taxpayers reflect on the consequences of understating their obligations, adding that, the GRA has a rigid pre and post filing monitoring and evaluation system.
Mr Danu said the self-assessment regime allows for taxpayers 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.
Source: GNA