Bank secrecy obstacle to tax laws (Wednesday, March 20, 2013, pg 65)
Banking secrecy requirements which prevent banks from disclosing information about their clients have been identified as a major obstacle to the enforcement of tax laws in the country.
“Sometimes our tax administrators are rendered impotent, even in the face of glaring illegal financial transactions, because of banking secrecy requirements, thus denying us the opportunity to fully enforce our tax laws and protect revenue,” Mr George Blankson, the Commissioner-General of the Ghana Revenue Authority (GRA), said in Accra.
The GRA boss was speaking at the opening of the 10th meeting of the Regional Expert Group for the World Custom Organisation (WCO), West and Central Africa Region.
The meeting, which is on the theme, “Innovations in Customs: A catalyst for regional capacity building”, is, to among other things, deliberate on the exchange of information and experience and the identification of best practices among member nations of the WCO.
The one-week conference will serve as a platform to examine recommendations from previous meetings and how those recommendations have shaped policy in the region.
To confront the challenges that came with rapid change in global trade and insecurity, Mr Blankson said, it was time for new customs that would be “more visible and proactive in protecting society and safeguarding national security”.
“This is why the focus of the customs faction must expand beyond the traditional role of revenue collection to place more emphasis on trade facilitation, investment promotion and security,” he added.
Ghana, in December 2009, merged the Customs, Excise and Preventive Service (CEPS), the Internal Revenue Service (IRS), the Value Added Tax (VAT) Service and the Revenue Agencies Governing Board (RAGB) Secretariat to streamline the administration of tax collection in Ghana.
The reforms, Mr Blankson stated, ensured that the country was making strides.
“The spectacular achievements we have recorded within the two years of integration and modernisation attest to the fact that there are efficiency gains in integrating and modernising our tax systems.
“Taxation impacts virtually on every facet of our economic, financial and even social lives. That is why we are obliged to create and nurture tax systems that are stronger, cleaner, fairer and more transparent,” he added.
The Commissioner of the Customs Division of the GRA, Major General C.S. Modey, urged the participants to use the meeting to build bridges and tap into expertise to build a stronger and more purposeful regional group.
“We cannot afford to repeat the mistakes others have gone through. This is the time to learn from such mistakes,” he said.
A representative of the WCO, Mr Bernard Zbinden, said for customs in the region to promote efficient customs organisations, customs administration must evolve to meet international best practices.
A representative of the Regional Vice-Chair of WCO West and Central Africa, Dr Daniel M. Jatau, bemoaned the delays in the movement of transit goods at borders in the region, in spite of increasing technology.
He called on members of the WCO to remove the bureaucratic bottlenecks that prevented the sharing of information on issues of common interest.
“Sometimes our tax administrators are rendered impotent, even in the face of glaring illegal financial transactions, because of banking secrecy requirements, thus denying us the opportunity to fully enforce our tax laws and protect revenue,” Mr George Blankson, the Commissioner-General of the Ghana Revenue Authority (GRA), said in Accra.
The GRA boss was speaking at the opening of the 10th meeting of the Regional Expert Group for the World Custom Organisation (WCO), West and Central Africa Region.
The meeting, which is on the theme, “Innovations in Customs: A catalyst for regional capacity building”, is, to among other things, deliberate on the exchange of information and experience and the identification of best practices among member nations of the WCO.
The one-week conference will serve as a platform to examine recommendations from previous meetings and how those recommendations have shaped policy in the region.
To confront the challenges that came with rapid change in global trade and insecurity, Mr Blankson said, it was time for new customs that would be “more visible and proactive in protecting society and safeguarding national security”.
“This is why the focus of the customs faction must expand beyond the traditional role of revenue collection to place more emphasis on trade facilitation, investment promotion and security,” he added.
Ghana, in December 2009, merged the Customs, Excise and Preventive Service (CEPS), the Internal Revenue Service (IRS), the Value Added Tax (VAT) Service and the Revenue Agencies Governing Board (RAGB) Secretariat to streamline the administration of tax collection in Ghana.
The reforms, Mr Blankson stated, ensured that the country was making strides.
“The spectacular achievements we have recorded within the two years of integration and modernisation attest to the fact that there are efficiency gains in integrating and modernising our tax systems.
“Taxation impacts virtually on every facet of our economic, financial and even social lives. That is why we are obliged to create and nurture tax systems that are stronger, cleaner, fairer and more transparent,” he added.
The Commissioner of the Customs Division of the GRA, Major General C.S. Modey, urged the participants to use the meeting to build bridges and tap into expertise to build a stronger and more purposeful regional group.
“We cannot afford to repeat the mistakes others have gone through. This is the time to learn from such mistakes,” he said.
A representative of the WCO, Mr Bernard Zbinden, said for customs in the region to promote efficient customs organisations, customs administration must evolve to meet international best practices.
A representative of the Regional Vice-Chair of WCO West and Central Africa, Dr Daniel M. Jatau, bemoaned the delays in the movement of transit goods at borders in the region, in spite of increasing technology.
He called on members of the WCO to remove the bureaucratic bottlenecks that prevented the sharing of information on issues of common interest.
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