In 2003, the Vehicle Income Tax Stickers (VITS) was introduced by way of LI 1727 and amended by Income Tax Regulations, 2016 ( LI 2244).
Required:
Identify the key features of VITS tax system. (6 marks)
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- VIT Stickers are mandatory for all commercial road vehicles
- Stickers are to be purchased every quarter in advance and shall be valid only for that quarter
- Stickers are to be displayed on the windscreens of all commercial vehicles as done with Insurance and Road Worthiness Certificates.
- The VIT Sticker system shall be enforced by the Police Service and monitored by Ghana Revenue Authority.
- Taxpayers are required to file their tax returns at the end of each year since the payment for the VIT stickers are only payment on account.
- Stickers can be purchased by a Transport Association for its members.
- Specified rates are provided for various classes of commercial vehicles. (Any 6 points)