Ghana Revenue Authority introduces tax policy document
The Ghana Revenue Authority (GRA) as part of its restructuring programme has launched a new tax policy document to give tax payers the opportunity to compute and submit their own tax returns towards maximising revenue.
The document dubbed: ‘Self Assessment Policy’, is also geared towards improving administrative services, reduce compliance burden and cost, facilitate business investment as well as improve integrity in the tax regime.
The Commissioner-General of the Authority, Mr George Blankson, launching the document, said the policy would curb the tendency for unofficial negotiations between tax payers and administrators for self gain.
“The new tax policy is a significant tool for the realisation of voluntary compliance by tax payers in modern tax administration” he added.
Mr. Blankson indicated that the self assessment policy would relieve both payers and the administrators from the long and arduous task of objections and the determination processes which sometimes foster conflicts adding” Both tax payer and the administrator would be saved from the inconvenience of over paid taxes and the need for refunds”.
The Commissioner- General explained that the tax payers who run own businesses should be treated courteously because they know the right amount of profits they made and the taxes payable. “The tax payer is honest and indeed demonstrates this by signing declarations as to the correctness of returns submitted” he added.
Mr Blankson said the first two years of self assessment programme would be devoted to corporate entities and selected individuals after some grooming to enable them understand the processes involved. He said publication of names of selected tax payers would start within the next few weeks to be followed by individual notifications to self assess by the Commissioner- General.
The Policy Advisor at the Ministry of Finance and Economic Planning, Dr Edward Siaw said the policy would bring transparency in tax administration in the country. The previous tax payer he stated is allowed to determine his or her own capital as well as own tax obligations to the state and as such should be given the opportunity to work freely with figures.
Dr Siaw advised tax payers to uphold the trust reposed in them and not to betray the honest premise upon which the foundation is built because the relationship between the two partners demands respect and honesty. He urged them to keep good records and be ready to make such books of records available to the tax administrators.
The project manager of the policy project, Mr George Lamptey, said new policy would not be limited to a few but all individuals of all endeavours.
Source: The Ghanaian Times