We will tax businesses applying for TIN numbers after receiving GH¢1bn stimulus – GRA
The Ghana Revenue Authority (GRA) says all businesses seeking to acquire TIN numbers will be made to pay taxes after benefiting from the government’s GH¢1 billion Coronavirus Alleviation Programme (CAP) for Micro, Small and Medium-scale Enterprises.
Many business owners that did not have TIN numbers before the COVID-19 Pandemic have besieged the GRA offices in the Volta Region to file their application.
The TIN number has become one of the prerequisites for businesses applying for the stimulus package. It also identifies businesses and enables the GRA to target them for taxes.
Assistant Commissioner at the Medium Scale Taxpayers’ Office at the GRA in the Volta Region, Kwame Owusu Bamfo, says the businesses seeking to benefit from the COVID-19 relief package should be ready to pay taxes.
“We want to say that getting the TIN is not the end of it. Later on, they have to pay tax. We are looking at the job you do. Whether you are a small taxpayer or a medium taxpayer, once you get the TIN your name will be on our system and we will register you as a taxpayer. In due course, we will be assessing you to pay tax because without tax the nation cannot develop. This is a requirement, even in the Bible, Romans chapter 13 asks us to pay tax to the authorities,” he said.
In the wake of the outbreak of the deadly coronavirus pandemic, President Akufo-Addo in March announced that all households and small to medium scale enterprises are to benefit from a stimulus package of one billion Ghana cedis. This was part of measures to mitigate the economic impact of the pandemic in Ghana to cushion businesses.
The initial amount for the SMEs was pegged at GH¢600 million, but has been increased to GH¢1 billion following a commitment by some participating financial institutions.
How many businesses have applied for the loan
So far, per details revealed by the National Board for Small Scale Industries (NBSSI), over fourteen thousand business owners have already applied for the one billion stimulus package.
According to NBBSI, majority of the applicants are within the agribusiness and education sectors.
This was followed by President Akufo-Addo’s launch of the GH¢1 billion Coronavirus Alleviation Programme Business Support Scheme on Tuesday, May 19, 2020.