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Economy

IRS to introduce income tax verification sticker

The Commissioner of IRS , Major Ablorh Quarcoo says a new Income Tax Verification Sticker, will soon be introduced to track people who own several vehicles but do not pay taxes on them. Major Ablorh Quarcoo said this at a Management seminar for the Internal Revenue Service and other stakeholders at Akosombo in the Eastern Region. The commissioner said the detailed programme and implementation of the new system will soon be made public with the appropriate laws promulgated to ensure a smooth take off in July. Major Quarcoo outlined strategies to enhance tax collection They include the re-launch of the tax stamp and establishment of small tax payers bureau in the districts to rake in more tax payers from the informal sector. Major Quarcoo added that a Global Positioning system will be deployed to enhance rent tax collection. The commissioner said the process towards automation of IRS operations has been strengthened with the acquisition of a software from the Tanzania Revenue Authority. The Deputy Governor of the Bank of Ghana and Acting Chairman of Revenue Agencies Governing Board, Lionel Van-Lake Dosoo said the IRS and other financial institutions should look critically at how the re-denomination of the cedi will impact on the way they do business. He said Financial institutions should plan ahead in terms of structures and tools before the re-denomination starts in July. In a speech read for him, the Minister of Finance and Economic Planning , Kwadwo Baah Wiredu assured the Management of IRS that government has secured funds to acquire a software for computerizing the service this year.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.