Accra (Greater Accra) 4^th May ’99

Registration for the Tax Payers' Identification Numbers (TIN) ended last Friday and officials in charge of the exercise say most of the companies, especially importers and clearing agents, have already acquired their numbers.

This is because most of the businesses acquired the numbers through the registration of the Value Added Tax (VAT) and therefore do not have to register for TIN.

"So far as they are registered with the VAT Service, there is no need for them to apply for the TIN," officials at TIN office who declined to give their names told GNA.

The TIN is to enable all revenue collection agencies, including VAT Service, Internal Revenue (IRS) and the Customs, Excise and Preventive Services (CEPS), identify businesses with the same number.

They explained that the registration for TIN is in phases and they are currently dealing with importers, exporters and clearing agents. Those cannot transact business.

So far, registration forms have been issued to the main entry points to be distributed by CEPS officials, and IRS offices to companies who do not have the numbers to enable them apply for them.

Mr Victor Ampah, Public Relations Officer, VAT Service, said about 13,000 companies registered with them already have the numbers.

He said there is the need for IRS to embark on an education campaign on the exercise since they deal with a greater number of tax payers.

The ordinary tax payer would get TIN through the accountant general's office, Mr Ampah explained.

GRi..

Accra (Greater Accra) 4^th May ’99

Negative sentiments stemming from high profit taking at the Ghana Stock Exchange (GSE) contributed to another dismal performance of the bourse on Monday when the All-Share Index, the main market indicator, marked time at 820.88 points. None of the listed equities made any price gain.

The fall of other market indicators doused the hope of any rise of the index with market capitalisation remaining at 3,323.78 billion cedis.

Offers fell from 4.3 million to 2.2 million shares while the number of total shares traded was down at 32,220 from 58,510 shares. Bids were also down from 483,310 to 237,100.

The following are the last prices of listed equities in cedis:

ABL 650

AGC 18,700

ALW 2,800

BAT 400

CFAO 56

EIC 2,010

FML 1,250

GBL 1,900

GCB 1,000

GGL 910

HFC 750

MGL 225

MLC 245

MOGL 16,800

PAF 348

PZ 850

SCB 24,000

SPPC 244

SSB 1,670

UNIL 1,750

UTC-E 125

GRi../

Accra, (Greater Accra) 4^th May ‘99,

Bamson Company Limited (BCL), sole local distributors of Akzo Nobel Sikken car-refinishing products, has announced its intention to start manufacturing emulsion paints this year.

Mr George Debrah, Sales and Marketing Manager told GRi in an interview that the manufacturing plant has been located at Agbogbloshie and orders have been placed for the shipment of equipment from Holland.

A comprehensive programme of action for the operations and management of the plant has already been certified by the board of directors of the company.

"We can assure you that before the close of this year, the manufacturing plant would be in full operation and we hope to produce quality house paints at very competitive prices."

Mr Debrah noted that the company made significant improvement in its performance last year in the sales of car refinishes as local sales improved by 10 per cent while exports increased by 25 per cent over those of 1997.

Bamson’s contribution to government revenue through tax increased by 10 per cent, while it invested several millions of cedis to offer free training to over 200 car sprayers and workshop managers within last year.

He attributed the increase in the local sales to the legislative instrument passed last year that compelled people to clear their vehicles from the harbour to avoid confiscation.

Mr Debrah said the company exports only to Burkina Faso where political and trade restrictions "hampered our sales until President Rawlings visited that country last year.

"The president's visit brought about some relaxation in the restrictions and opened a door for us to reach high market in that country."

Mr Debrah appealed to the government to ensure that measures are taken to facilitate smooth clearance of imports at the ports since "delay in clearance has usually been a minus to the import business".

GRi…/