Cuban business delegation visit Ghana
Accra Bourse index marked-time
Sunyani (Eastern Region) 25 September 2001-The Value Added Tax (VAT) Service has cautioned hoteliers and restaurant operators against deliberately refusing to issue VAT invoice to their customers.
Under the VAT law, such offenders are liable to a fine, not exceeding 10 million cedis or imprisonment to a term not exceeding five years or both.
Mr. F. Owusu-Ansah, Brong Ahafo Regional head of the Service said his outfit has embarked on daily surveillance of the activities of hoteliers and restaurant operators and warned that offenders would face the full rigours of the law.
He asked people who patronise restaurants in the region to assist the service by reporting operators who refuse to issue them with VAT invoices.
"What is even sad is the situation whereby government institutions collaborate with hoteliers and restaurant operators to flout the VAT law," he added.
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Tema (Graeter Accra) 25 September 2001 - Unique Financial Trust Services (UTFS), a non-bank financial institution, which begun operations four years ago with only
20 million cedis 'loanable' funds, has increased this to 15 billion cedis as at the end 2000 financial year.
According to the Trust's annual report for last year, the company also translated its net worth from 170 millions to 1.3 billion cedis over the period and paid taxes in excess of one billion cedis to the government.
The report said profit after tax increased from 50 million cedis in 1997 to 700 million cedis in 2000. Its total assets increased from 342 million cedis in 1997 to 8.7 billion cedis in 1999 and 17.1 billion cedis in 2000.
"Our company's performance and achievements over the past years has been above our widest expectations", said Mr Joseph Nsonamoah, Chairman of the Board of Directors, adding: "Such incredible performance is rare in Ghana because of the harsh and unpredictable economic conditions."
He said since the company started in 1997, it has established a very good track record of sound and safe lending and as a result kept all its investors satisfied.
The company provides short term lending for payment of duties on export-import or financing imports and exports where orders were secured.
Other areas include factoring, discounting, financial advisory and short-term working capital for business.
GRi../
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Accra (Greater Accra) 25 September 2001 - A 10-member business delegation from the Cuban Chamber of Commerce will arrive in Accra on Wednesday for a three-day visit.
A statement by Yankah and Associates, Marketing Communications Consultants, said on Monday that Mr Jose Carlos Puente Suarez, Director of Chamber of Commerce in Santiago de Cuba, would lead the delegation.
Its members will include representatives from the Information Technology Group (ITG), Herber Biotec Company, Pallares Company and ECME, a specialised construction and assembly company.
While in the country the delegation will hold discussions with government officials and business leaders.
GRi../
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Accra (Greater Accra) 25 September 2001 - The GSE All Share index, the key stock measure of the Ghana Stock Exchange, was unchanged on Monday as the market relapsed under heavy bearish sentiments.
The Index, which went up 5.99 points on Friday, marked-time to finish at 955.40 points the same as on Friday.
Generally the market was dull. Only 7,900 shares changed hands compared to 251,400 shares at the previous close.There were no price changes.
Market capitalisation closed at 3,870.22 billion cedis, same as on Friday. Below are the closing prices of the listed equities in cedis:
ABL 320
AGC 18,500
ALW 4,300
BAT 600
CFAO 60
EIC 2,900
FML 1,000
GBL 1,300
GCB 1,550
GGL 900
HFC 952
MGL 240
MLC 140
MOGL 20,000
PAF 800
PBC 450
PZ 900
SCB 20,500
SPPC 356
SSB 2,300
UNIL 2,100
CMLT 430
GRi../
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