Accra, June 21, GNA - The Value Added Tax (VAT) Service is introducing a new receipt to cover the payment of VAT returns when the re-denomination exercise takes effect on July 1. The single receipt would facilitate the payment of VAT and the National Health Insurance Levy (NHIL) with both the new and old cedi currencies.

Nii Ayi Aryeetey, Assistant Commissioner of VAT, made this known on Thursday at a seminar in Accra to educate entrepreneurs on the re-denomination exercise, which takes effect from July 1. He noted that all monetary values and data on information processing systems would be converted into the new Ghana Cedi. Nii Aryeetey called on the participants to complete and submit their VAT and NHIL returns in the new cedi by June, adding, "late submission of the forms will attract a penalty." He asked the entrepreneurs who did not understand the processes in completing the forms to contact the nearest VAT Office for assistance. Mr Fiifi Blankson, an official of the Bank of Ghana, said the re-denomination exercise aimed at ensuing efficiency and convenience in business transactions.

He said re-denomination of the cedi was a domestic exercise and would not affect the introduction of the common currency for West Africa, the ECO, in 2009.