{"id":403148,"date":"2018-02-21T08:58:28","date_gmt":"2018-02-21T08:58:28","guid":{"rendered":"http:\/\/citifmonline.com\/?p=403148"},"modified":"2018-02-21T08:58:28","modified_gmt":"2018-02-21T08:58:28","slug":"pef-seeks-revision-upfront-tax-payments","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2018\/02\/pef-seeks-revision-upfront-tax-payments\/","title":{"rendered":"PEF seeks revision of upfront tax payments"},"content":{"rendered":"

The Private Enterprise Federation (PEF) has made a strong case for the GRA to review the current time frame for businesses to remit their taxes on the sale of products.<\/p>\n

The CEO of PEF, Nana Osei Bonsu explains that the current regime has impacted adversely on businesses due to delayed payments for the provision of services or sale of products to clients.<\/p>\n

He tells\u00a0Citi Business News<\/strong>\u00a0the issue has also compelled most of them to resort to loans to meet their tax obligations hence increasing their cost of doing business.<\/p>\n

\u201cGovernment most of the time does not allow them enough time to collect what they are responsible to transmit so they have to use their own income to be able to remit to government which is eroding their working capital. Sometimes they have to borrow from the financial institutions at a cost,\u201d Nana Osei Bonsu asserted on the sidelines of a tax seminar on the new Amnesty Law.<\/p>\n

Businesses, particularly Oil Marketing Companies (OMCs) are affected the most under the current tax remittances regime.<\/p>\n

Per law, they are expected to remit their taxes within the first twenty-one days of the month (by the third week) of the month.<\/p>\n

But Nana Osei Bonsu believes this must be revised and if possible, discount to such businesses.<\/p>\n

\u201cSo that is why we are thinking that the government should look into the burden on them as to the collection and remitting. If anything at all, the government could give them discounts for the services that they render because they have to get employees and all that before they remit,\u201d he added.<\/p>\n

–<\/p>\n

By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

The Private Enterprise Federation (PEF) has made a strong case for the GRA to review the current time frame for businesses to remit their taxes on the sale of products. The CEO of PEF, Nana Osei Bonsu explains that the current regime has impacted adversely on businesses due to delayed payments for the provision of […]<\/p>\n","protected":false},"author":14,"featured_media":403151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[2273,7873,5644],"yoast_head":"\nPEF seeks revision of upfront tax payments - Citi 97.3 FM - Relevant Radio. 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