Thursday, 28 March

V/R: Mad rush for TINs to get GHS600m NBSSI stimulus package

Business
People waiting to register for TIN

Hundreds of traders in the Volta Region have begun flooding the Ghana Revenue Authority’s headquarters in Ho to get their Tax Identification Number (TIN) to enable them to benefit from the GHS600 million stimulus package allocated to the National Board for Small Scale Business Industries (NBSSI).

Following the economic hardship that the COVID-19 pandemic has brought across the country and the world at large, the government has allocated some GHS600 million to be disbursed as soft loans to Micro, Small and Medium Enterprises (MSMEs), with up to a one-year moratorium and a two-year repayment period with an interest rate of three per cent.

Traders would have to provide a TIN as part of the application process.

On 26 and 27 May 2020, some traders, most especially women from across the region, who have not TIN, flooded the premises of the GRA in Ho to register.

Anthony Kwabla Dekagbe, Chief Revenue Officer at the Ho Small Taxpayer Office, who is in charge of TIN registration, indicated that there has been a massive increase in registration for the past weeks, especially for petty traders and artisans.

"Last week alone, we processed over 600, some are from outside the Ho Municipality. We got some of the forms from Keta. Some are from Kpetoe and the rest. This morning, the hairdressers association brought some forms from Kpetoe for us to process. This is the first time we are trying to ensure that every Ghanaian has the TIN," he noted.

He noted that some Ghanaians have now seen the need for a TIN. "Those who are coming from the outskirts don't really see the need for the TIN, but now, with this fund, the fund is going down to the grassroots [hence they all need the TIN]," he added. 

The Volta/Oti Director of NBSSI, Seth Klutse said many traders who have interest in the loan but do not have a TIN were referred to the GRA to get registered to enabled them to have a smooth process for the money. 

"A lot of them come to the office without their TIN. They are not even aware, so, when they come, with the education and orientation, we realised they don't have a TIN. An average of 20 to 30 per day come to the office, just the Ho Municipal office, so, when you use that across the board, we're working in about 26 districts, and we refer them to the GRA", he said.

He noted that the intervention is not politically-motivated, hence the need for every Ghanaian to apply, especially small-scale business owners to enable them to sustain their businesses amidst the coronavirus hardships. 

"Those who are market women, those who are farmers… I encourage them to apply, it is not political, it is not politically-biased, it is for everybody, once you are a Ghanaian, you are eligible," he said. 

Some traders said the loan will help them in their businesses but the process to acquire the money is not favourable. 

 

 

Source: classfmonline.com/Albert Kuzor