GRA To Use TIN To Address Tax Issues Of Individuals And Organizations

Businesses and organizations operating in Missouri are required to obtain Tax ID in MO as proper identification for tax purposes. The tax ID which is also called the EIN Number allows a business to open a bank account or a letter of credit, apply for business licenses and hire employees. A business can go directly to IRS for EIN number application or use simplified methods that are quicker and more efficient.

In Ghana, individuals are required to obtain TIN, a unique 11-digit number that is required under the new Revenue Administration Act, Act 915. The TIN allows individuals, companies and organizations to pay taxes efficiently and transact business with ease. According to Ghana Revenue Authority (GRA), TIN can also be used to address certain tax issues like tax evasion by individuals and companies and instances wherein an individual owns more than one tax certificate.

A tax education seminar was organized by Weija Small Taxpayer’s Office (STO) in Accra for taxpayers within the jurisdiction. The theme of the seminar was “Towards effective tax administration – our responsibility, your obligation” to inform taxpayers that they can no longer engage in any form of business transaction without TIN.

Aside from companies, individuals required to have TIN include professionals like doctors, lawyers and surveyors. Without a TIN, professionals can no longer renew their licenses. According to Benjamin Aquaye-Hutchful, without a TIN, an individual cannot get a tax clearance certificate for the processing of land title deeds or transacting business with government institutions.

Mr. Hutchfulis urging all taxpayers composed of business owners and individuals employed by private and public institutions, business operators and persons who are required to pay taxes or from whom taxes are withheld at sources like employees and agents to register for TIN and comply with tax payments. Existing businesses are required to re-register as taxpayers to enhance revenue administration.

The process of obtaining tax identification numbers may vary from country to country but the objective is the same – to ensure the efficiency of tax administration. Aside from applying directly through online registration, individuals and businesses that are required to obtain Tax ID in MO can use a faster service with many unique features and benefits.

By Nikki Sanderson Posted in Business