GRi Business News 15-03-99

Over 10,000 Firms Submit VAT Returns - Official

Precious Minerals awards miners

About 10,112 companies and individuals have so far submitted their Value Added Tax (VAT) returns.

The number represents 80 per cent of the 12,640 companies and individuals registered to charge the new tax. The VAT Secretariat is yet to receive returns from the remaining companies.

The source said firms are still registering to collect VAT and this may increase the number of registered companies in few months. It attributed the increasing number of registered firms to understanding and sustained education embarked upon by the VAT Secretariat and its allied agencies.

The source told the GRi that people, especially, business organisations and individuals have realised the importance of the tax and described the development as encouraging.

It however, did not rule out abuses in the system, especially in the rural areas, and cautioned that offenders would be drastically dealt with in accordance with the provision of Act 546 section 28 which spelt out clearly the penalties for abuse of the new tax system.

Accra (Greater Accra), 15 March 

Small-scale gold and diamond mining fetched 242 million dollars for the country from 1989 to 1997, Mr Fred Ohene Kena, Minister of Mines and Energy said on Saturday.

He explained that the legalisation of small-scale mining, otherwise known as 'galamsay ', some ten years ago, has propped up the trade and "this feat needs to be acknowledged".

Mr Ohene Kena was speaking at the third annual Gold and Diamond winners awards night, organised by the Precious Minerals Marketing Corporation (PMMC) in Accra.

He said the Minerals Commission and the Geological Survey Department are collaborating with local consultants to provide improved geological information for small-scale miners.

"New improved processing equipment that will eliminate the occurrence of environmental contamination by mercury will be imported into the country this year for use by small-scale miners".

The Minister advised the miners who have continued to operate illegally to regularise their operations in order to benefit from modern technologies provided by government.

Mr Darko Damtey, Managing Director of P.M.M.C said the corporation is exploring markets abroad to sell its traditional and Afrocentric designs.

"Research is being conducted into the possibility of supplying value-added precious mineral products for high-tech and electrical industry overseas.The promotion and marketing of dental alloys is also being pursued."

He cautioned agents and miners against under-counter dealings in order to preserve the integrity of the nation and the sector.

" In spite of the low prices on the world market P.M.M.C will continue to play a very positive role to sustain the growth of small scale mining in the country", the Managing Director said.

In all 30 diamond and gold agents, and five personalities, including Mr Fred Ohene Kena were awarded with prizes and citations.