Four Businesses Shut Down Due To Nonconformity Of Tax Compliance – GRA1 min read

Four Businesses shut down due to nonconformity of tax compliance – GRA

Four enterprises have been forced to close down due to their failure to adhere to tax compliance regulations, according to the Ghana Revenue Authority (GRA). The GRA’s division responsible for ensuring compliance and enforcing regulations took the step of shutting down these businesses as a result of their inability to provide Value Added Tax (VAT) invoices to the authority.

The closure of these establishments was prompted by the business owners’ disregard for the requirement to issue VAT invoices. The businesses affected by the shutdown include Eve’s Panties Wholesale Store, Modern Floors Tiles Shop, Cup of Joy Ventures (Grocery Store), and Qingsong Trading Company Limited.

All of these establishments are situated within the Weija Gbawe Municipal District in the Greater Accra region.

The GRA has outlined that all suppliers of taxable items, goods, or services are obligated by law to issue VAT invoices, and purchasers are likewise required to obtain VAT invoices from business proprietors for any goods bought.

It’s important to note that failure to adhere to these regulations could lead to legal consequences, as specified under sections 78 and 82 of the Revenue Administration Act, 2016 (Act 915), which pertain to non-compliance with tax laws and obstructing tax administration.

The general public is strongly urged to comply with these regulations and is encouraged to report any instances of tax violations to the GRA. Such reports will prompt the necessary actions to be taken by the authorities.