GRA invite more shop owners over VAT compliance

 

Officials of the Enforcement Units of the Ghana Revenue Authority has invited some shop owners for questioning as part of its efforts to ensure voluntary Value Added Tax (VAT) compliance.

 

The GRA expects that all suppliers of taxable items, goods, or services, issue VAT invoices as required by law, and in the same vein, the customer is required by law to obtain an invoice if such transactions attract VAT.

 

Mr Joseph Annan, Area Enforcement Manager of Ghana Revenue Authority (GRA) in charge of Accra Central, said it was an infringement on the tax laws if businesses failed to issue the VAT when they were registered with the Authority.

 

Mr Annan was speaking during the ongoing tax 

 

invigilation exercise being conducted at the Authority in Accra.

 

He said the shop owners had clearly violated the regulations of VAT.

 

On Tuesday, the team visited u-Fresh Company Limited, Computer Land Ghana Limited, Vegetable and Fruits Supermarket, Sulas Enterprise, and Mahalia Kollections, among others.

 

Two of the shops were closed by the officials and some documents taken from the rest of the shops for assessment of their records.

 

He said the exercise or operations were part of an ongoing nationwide VAT Invigilation exercise by the authority to retrieve some taxes due the State.

 

The Enforcement Officer said all these shops visited failed to issue the VAT invoice when the team tested them hence the arrest and handing over to the Police for investigation and possible prosecution.

 

He told the Ghana News Agency some of these 

 

shops were selective in the issuance of the VAT invoice to their customers.

 

He said these individuals would be assessed and made to pay immediately and after that “we will commence a full audit on the companies.”

 

He said the exercise would continue until sanity prevailed or was restored in the system.

 

Mr Annan said the GRA as part of the nationwide invigilation would continue to embark on mystery shopping exercises across the country to apprehend culprits evading tax.

 

Traders in Kumawu cashing in on by-election

 Traders at Kumawu in the Ashanti Region are cashing in on the ongoing by-election as they make good sales from the huge number of visitors in the town. 

 
Most of the traders, especially food and beverage vendors, could be seen making brisk business in the area.  
 
Madam Sarah Adwapa, a bottled and sachet water seller, told the Ghana News Agency that sales had increased in the last 24 hours as she had sold close to 80 packs and boxes of water by midday Tuesday. 

“In fact, this is my best sales in a very long time, I don’t even sell two packs or a box of water in a day!" she exclaimed. 

 
"Though the death of our dear MP is a great loss to the whole Constituency, my water business has been excellent."  
 
Bismark Opoku, an ice cream seller, was  also excited about the volume of sales he made even before noon.  
 
He was optimistic of making good sales by the close of the day without trekking to other nearby communities to sell, which is his daily routine.  
 

 Abena Serwaa, fried yam seller, said she started selling earlier than usual due to high patronage, an indication that she could make more profit.  

 

“Mostly people will come and buy from me after noon, but today before I could finish frying my fish, people were waiting for me to fry the yams. 

I am hoping the demand for fried yam sustains till the day ends," she said.  

 

Other vendors of soft drinks, toffees and biscuits admitted making good sales and expressed optimism that patronage would continue to increase to make some profit. 

GNA 

AerCap signs lease agreements with ASKY for two Boeing 737 Max Aircraft

 AerCap Holdings N.V. has signed lease agreements for two Boeing 737-8 MAX aircraft with ASKY, The Pan-African Airline, headquartered in Togo.  

A statement issued in Accra by the Airline said the aircraft were scheduled to be delivered in June through August 2023.   

It said in attendance at the signing ceremony were Mr Esayas W. Hailu, CEO of ASKY, Mr Aengus Kelly, the CEO of AerCap, Mr Girma Wake, the Board Chairman of Ethiopian Airlines Group and Aviation Advisor to Togo, Board members of ASKY, and other distinguished guests.    

“We are delighted to welcome ASKY as a new customer to AerCap and particularly pleased to place the first MAX in Togo,” Mr Kelly said.  

He said “AerCap is the largest lessor in Africa with 14 airline customers on the continent, and we are pleased to continue to support the growth and development of African aviation. We wish the ASKY team every success and look forward to working with them as these aircraft deliver.”  

 “I consider it an honour to introduce state-of-the-art B737-8 MAX aircraft into the ASKY fleet, which will support our wide regional network in our continuous endeavour to serve our esteemed customers,” Mr Hailu said.  

He said he was confident that the introduction of B737-8 MAX would further enhance ASKY’s brand image before the eyes of the traveling public and the airline felt great to be the region’s leading customer to AerCap, the world’s largest owners of commercial aircraft.  

GNA  

 

Organized Labour is interested in how IMF money will be applied – GFL

Mr. Abraham Koomson, Secretary-General of the Ghana Federation of Labour (GFL), has said Organized Labour, and all Ghanaians, are interested in how the Government will utilise the $3billion loan facility from the International Monetary Fund (IMF). 

 

Ghana received approval from the IMF for a three billion US dollar bailout last Wednesday, May 17th, and on Friday, May 19th, the first disbursement of 600 million dollars hit the accounts of the country, which was expected to be released in tranches. 

 

Mr. Koomson, reacting to the IMF Board approval, told the Ghana News Agency that workers were not much enthused about the approval but rather were interested in its application as that would influence them. 

 

He said they doubted whether the bailout would be beneficial to the public, as the conditionality attached to such bailouts often brought hardship rather than comfort to the people. 

 

"It won’t impact positively on the fortunes of workers; the hardships are going to worsen, and it will erode the gains that the unions have fought for over the years," he added. 

 

He stated, for instance, that the introduction of the three new excise duties, even though there were over 17 taxes companies were paying, was an indication of what lay ahead for companies and workers with approval. 

 

Mr. Koomson urged the economic management team of the Government to be forthright with the people on the conditionality and its implications instead of being evasive on the matter. 

 

Meanwhile, IMF Press Release No. 23/151, titled "IMF Executive Board Approves US$3 Billion Extended Credit Facility (ECF) Arrangement for Ghana," obtained by the Ghana News Agency in Tema, stated that the authorities’ economic programme, supported by the ECF-arrangement, builds on the government’s Post COVID-19 Programme for Economic Growth (PC-PEG). 

 

The PC-PEG aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth. 

 

According to the IMF, large external shocks in recent years have exacerbated Ghana’s pre-existing fiscal and debt vulnerabilities, resulting in a loss of international market access, increasingly constrained domestic financing, and a reliance on monetary financing by the government. 

 

"Decreasing international reserves, Cedi depreciation, rising inflation, and plummeting domestic investor confidence eventually triggered an acute crisis.  

 

"The authorities have taken bold steps to tackle these deep challenges, including by accelerating fiscal adjustment.  

 

"The government has also launched a comprehensive debt restructuring to address severe financing constraints and the unsustainable public debt.  

 

"Securing timely debt restructuring agreements with external creditors will be essential for the successful implementation of the new ECF arrangement," the statement stated. 

 

Key policies under the authorities’ programme include large and frontloaded fiscal consolidation to bring public finances back on a sustainable path, complemented by efforts to protect the vulnerable. 

 

The adjustment effort will be supported by ambitious structural reforms in the areas of tax policy, revenue administration, and public financial management, as well as steps to address weaknesses in the energy and cocoa sectors. 

 

Appropriately tight monetary and exchange rate policies will help bring inflation back to single digits and rebuild international reserves. The programme also has a strong focus on preserving financial stability and encouraging private investment and growth. 

 

The programme would help Ghana overcome immediate policy and financing challenges, including through its catalytic effect in mobilizing external financing from development partners and providing a framework for the successful completion of the ongoing debt restructuring. 

 

Assin South NDC Parliamentary candidate to champion skills training and business dev’t

Mr Stephen Kofi Baidoo, the elected National Democratic Congress (NDC) Parliamentary Candidate for the Assin South Constituency, has pledged to champion skills training and business development for the youth.

He said he would champion the free enrolment of the youth into apprenticeship for skills and vocation training as the centre of his leadership to ensure the creation of wealth to reduce poverty in the area. 

“I believe that regardless of the background, all youth should be provided the opportunity to reach their full potential through a well-developed and coordinated education and skills training to address their needs and aspirations.

“This is because youth employment issues are a major concern, since they affect the welfare of young people and potentially the long-term performance and stability of every economy,” Mr. Baidoo said in an interview with the Ghana News Agency.

The youth, he said, would also be assisted with training tools and business support mechanisms to grow and expand to employ more.

Whilst commending the party and delegates for reposing confidence in him, he called on the rank and file of the party to bury their differences before, during and after the parliamentary primary.

He vowed to go all out to resolve any upheavals in the party as soon as possible to present a united front in the 2024 polls.

The political exigencies in the constituency, according to him, required a collective effort underpinned by party peace and cohesion to snatch the seat from the New Patriotic Party (NPP).

To him: “The nearly two decades of political dominance by the NPP in the area has nurtured poverty and deprived the people of basic infrastructure to improve their standard of living.

“Therefore, I have come with a plethora of well-thought-out workable solutions to emancipate the people from the myriad of challenges born out of NPP’s incompetent leadership.” 

For the party, he reminded the teaming supporters to remain focus as it galvanizes massive grassroots support for a landslide electoral victory in the 2024 polls. 

He stated that considering the tremendous work the NDC was doing towards attracting more floating voters as well as members of other political parties to their fold, he was confident the party would form the next government of the day.

GNA

 

ICAG launches Public Financial Management Forum to build economic resilience

 

The Institute of Chartered Accountants Ghana (ICAG) has launched the Public Financial Management Forum to enhance transformation in Public Financial Management (PFM) and to foster acceleration in national development.  

The Forum was initiated by six faculties in ICAG, with partnership from PricewaterhouseCoopers Ghana (PwC) and Ministry of Finance.  

The Forum will engage stakeholders to dialogue on revenue generation,  state budgeting, auditing, and financial reporting issues.  

Mrs Abena Osei-Asare, Deputy Minister for Finance, in her address, said the Forum was needed to reform and strengthen the national PFM system to anchor economic transformation.  

She said the government was implementing wide-ranging structural reforms in the energy, financial, SOEs and public financial management sectors to deliver quality services and build economic resilience.  

She said improving PFM would build a robust national economy that could withstand the intermittent local and external headwinds.  

Mrs Osei-Asare said the Ministry of Finance was delighted for setting in motion processes that fostered honest and engaging discussions on the forum.  

She said the government was also resolute in its drive to achieve significant gains in the rationalisation of expenditures; “the control systems are being strengthened and in most cases being automated to eliminate undue exercise of discretion.”  

“Government remains committed to improving transparency and accountability to its citizens and forum such as the PFG forum to further strengthen the level of engagement with all key PFM actors and stakeholders”, she said.  

She expressed gratitude to private sectors players and firms working with government to build a resilient economy that hinged on strong public financial management.  

Mrs Sena Dako, President of ICAG, in an interview with the Ghana News Agency, said the Forum was necessary because it would generate good stewardship, management of resources, accountability, and transparency in public financing.  

She said it would provide a platform to help accountants in the public sector institutions to dive deep in public financing management to contribute and support policy decision making for economic resilience.  

She noted that the public sector lacked investment, therefore, it was important that accountants were well inclined in public financial management to boost confidence of investors.  

She said the institute had provided training for private chartered accountants to educate and enhance their knowledge in the standards needed for their work.  

“The institution has a disciplinary committee that sanctions private accountants who do not practice transparency in the financial space. However, she advised accountants to be professional and work with integrity,” she said.  

She urged all accountants to practice confidentiality, good judgement, professional competency, and work with the public at heart to serve the nation appropriately.   

GNA  

Ghana suspends COVID-19 health declaration form for international travellers

 By Emmanuel Nyatsikor, GNA 

 

Ho, May 21, GNA - The Covid-19 health declaration form for international travellers to Ghana has been suspended with effect from May 20, 2023. 

 

Also, pre-departure testing and tests at all points of entry are no longer a requirement for all passengers. 

 

These were contained in a letter addressed to all media houses with the headline "lifting of COVID-19 restrictions at all points of entry in Ghana" and signed by Dr. Patrick Kuma-Aboagye, Director General of the Ghana Health Service. 

 

According to the letter, these decisions were taken at a National COVID-19 Task Force meeting held on 17th May 2023, on the global and national COVID-19 situation.  

 

The letter said for constant vigilance of protection of persons from COVID-19, the following measures were to be maintained. 

 

It noted that the covid-19 vaccination drive would continue and persons with symptoms of cough, fever and sore throat would be tested for both flu and covid-19 at all sentinel sites across all the 16 regions of the country. 

 

"Surveillance will continue to help us identify any COVID-19 variants of concern. 

 

"Persons with complaints of fever, cough or sore throat should report to the nearest health facility for management," the letter advised.  

 

It said persons who tested positive for covid-19 were to be managed with existing protocols.  

 

The letter intimated that Ghana has had outbreaks of Marbury virus disease, Lassa fever, monkey pox, measles, and yellow fever since the declaration of covid-19 of public health emergency of public concern.  

 

It noted that the health system in the county had maintained sufficient capacity in the midst of these threats.  

 

It said the Ministry of Health and the Ghana Health Service with support from its partners would continue to ensure operational readiness and flexibility to respond during surges of covid-19.  

 

It said the GHS would also maintain other essential health services and prepared for the emergency of new variants of increased or capacity.  

 

According to the letter, the World Health Organization had announced on May 5, 2023, that COVID-19 was no longer a Public Health Emergency International Concern (PHEIC) globally.  

 

It said there were decreasing number of concerns of death and hospitalization with levels of population immunity against SARS Co.v-2. 

 

It noted that though covid-19 remained a global health threat, it was time for countries to transition from emergency mode to managing covid-19 alongside other infectious diseases.  

 

The letter revealed that there had been a sustained decline of covid-19 cases in the country over the five past months.  

 

It said as at May 15, 2023, there were only 18 active cases none of which was severe or critical adding that the only covid-19 death in 2023 was in January.  

 

The letter noted that since January 2023, there had been 187,089 international passengers arriving in the country of which more than 98 percent were either fully vaccinated or persons below 18 years of age who were exempted from testing based on the national guide.  

 

As a result, it said only 3,890 were required to be tested out of which 24 tested positive.  

 

It continued that as of May 19, 2023, more than 13.5 million had received at least a dose of the covid-19 vaccine whilst 10.5 million persons were fully vaccinated, and 4.5 million persons had taken the vaccine.