In a bold move to enforce tax compliance, the National Revenue Authority on 5th April, 2024, sealed off the popular St. Mary’s Supermarket at Hill Station. They were found wanting of Failure to Issue ECR receipts and Impeding Tax.
Administration contrary to Section 155A of the Income Tax Act 2000 and Section 50 (1) of the Goods and Services Tax Act 2009 as amended. Both offenses attract penalties of NLe 10,000 and NLe 250,000 respectively.
The Authority took this action after discovering that the supermarket was not providing customers with proper receipts, potentially avoiding tax obligations.
This action will send shockwaves through the business community, serving as a stark reminder of the consequences of tax evasion. The NRA has consistently emphasized the importance of businesses fulfilling their tax responsibilities to support the country’s development and infrastructure.
Whilst the intended purpose of the enforcement is to prevent potential revenue loss, it may also serve as warning to other businesses.
The NRA has vowed to continue the action towards steaming down tax evasion as well as non-compliance to ensure a fair and transparent business environment for all.
Credit: Public Affairs and Tax Education Unit, NRA
Copy right –Printed in the Expo Times News on MONDAY, April 8th, 2024 (ExpoTimes News – Expo Media Group (expomediasl.com)