GRA urges MSMEs to keep proper record of accounts

Mr. Patrick Frimpong-Danso, Office of the Commissioner for the Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority (GRA), has called on Small and Medium-Scale Enterprises (MSMEs) to keep proper records to ensure easy compliance of their tax obligation.

Mr. Patrick Frimpong-Danso made this known at a workshop on digitisation and voluntary tax compliance for MSME businesses in Accra.

The programme organised by the Ghana Integrity Initiative (GII) with support from the Australian High Commission, seeks to sensitise MSMEs on the legal framework for conducting business in Ghana.

It was under the theme: “Promoting voluntary compliance among MSMEs through sensitisation of the digitisation of tax processes.”

Mr. Frimpong-Danso averred that proper record keeping is important and as such, makes it easier for business owners to file tax returns and grow their businesses.

He noted that it helps businesses to maintain accurate financial records, “but many businesses had failed to implement the integral process.”

“These are the things we the tax people look at. We look at evidence on the paper. If you don’t keep proper records, it makes it difficult for you to know whether your business is growing or not growing.”

Mr. Frimpong-Danso moreover, advised the Small and Medium-Scale Enterprises to adopt strategies that will help the MSMEs to effectively compete and make profit.

GRA Deploys Technology to Track Businesses

According to the Office of the Commissioner for the Domestic Tax Revenue Division, to ensure increase voluntary tax compliances among businesses, Ghana Revenue Authority has deployed a lot of services online and mobile applications that enable businesses to track their tax returns and computation for easy filing.

Based on this premise, Mr. Danso said “the digitalisation agenda that we have has made easier for tax payers to be able to go to their online tax portal [and] submit their tax returns very easily.”

Mr. Frimpong-Danso thus, hinted that the Ghana Revenue Authority would collaborate with the media to intensify its awareness creation on the need for voluntary tax compliance. This, he said, would help the authority to meet its revenue targets and generate more revenue for the country.

The Senior Programme and Research Officer of GII, Mrs. Mary Awelana Addah, asserted that the workshop is focussed on identifying the challenges that MSMEs face.

She urged MSMEs to take issues of taxation seriously. She also pleaded with them to identify and report corrupt businesses to the appropriate quarters.

“If the SDGs goals 5 and 10 are going to be achieved, then the world including Ghana must make conscious efforts to protect MSME businesses by addressing the challenges pertaining to them and also provide the necessary information to help them keep their businesses alive.”