Accra, Aug. 21, GNA - The VAT Service on Monday undertook an exercise to retrieve outstanding debt from defaulting companies during which over one billion cedis were retrieved from three companies which had refused to pay VAT for over six years.

They included GM International Company Limited, a printing press and KuKu's Nest.

Mr Henry Bradford Sam, Assistant Revenue Officer of the VAT Service, said they took the action as a last resort following a series of notices and personal interaction with clients to fulfil their obligation.

He said the VAT Service's assessment showed that most companies declared tax revenue without indicating what had been collected. Mr Sam urged businessmen to promptly pay their taxes and voluntarily comply with VAT Laws to avoid embarrassment. All the three companies visited gave cheques to defray their debts to avoid the closure of their companies.