Accra, Dec.11 GNA - The Valued Added Tax (VAT) Service on Monday continued its distress action against defaulting companies within the Accra Metropolis to reach target set by the Government for the year. Companies that were affected by the action included EPPL Limited, which owed 272.4 million cedis; Marble Ark Investment Limited failed to pay 298.4 million cedis and Millivenco Company Limited was in tax arrears of 55.1 million cedis.

Even though some of the defaulting firms rushed to the VAT Offices to pay their debts, Marble Ark Investment Limited located in Abeka in Accra was closed down for defaulting in the payment for almost a year. Briefing the Ghana News Agency in Accra, Mr Henry Sam, Head of the Enforcement Team, said the Service was behind its target by 10 per cent and since the year was coming to an end, no defaulting company would be allowed to carry over their tax indebtedness into the next year. "It's either for them to pay the debt now or we close down their business", he said.

He said that even though the defaulting companies were served with a final demand notice of seven days within which to pay their accumulated amounts, most of them did not take heed, hence the distress action.

Mr Sam said the Service did not take delight in soliciting for assistance of the Media and the Police to close down businesses but rather encourage to companies to voluntarily comply with the directives and functions of the Service.

He advised tax defaulting companies to settle their indebtedness to the Service to enable the Government to run its businesses.