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Standard Chartered holds Seminar on VAT

May 27, 2013, 10:05 AM | Article By: Cherno Omar Bobb

Standard Chartered Bank on Thursday 23rd May 2013 held a seminar for its corporate and small-medium enterprise customers, meant to interact with the Gambia Revenue Authority (GRA) on the newly introduced Value Added Tax (VAT).

Speaking at the seminar, Ansumana Trawally, the Commissioner General of GRA described the seminar as unprecedented and then thanked the management of SCB for creating the platform to express the ways, means and procedures on VAT’s implementation.

“We believe that it is a difficult task for people to accept VAT at the initial stage, but as we go along there will be more understanding,” he explained.

While stating that VAT has come to add value, he said the government of The Gambia is a tax-based government. He said since the country does not have enough manufactures and natural resources, it can rely on the tax GRA is collecting from the people.

This, he added, goes down all the way in agriculture, healthcare and club networking, while urging people to start paying tax on time.

“The seminar is symbolic, it is the initiative of the management of Standard Chartered Bank to understand what VAT means,” he said andurged the participants to relay the message to others.

“VAT has no connection to the price lift, we are on our own and the traders are on their own,” he stated.

In his opening remarks, Mr Humphrey Mukwereza, the Chief Executive Officer (CEO) of Standard Chartered Bank congratulated the Government of The Gambia and the GRA for undertaking and implementing the Valued Added Tax.

“Five months after the implementation we thought it will be ideal to facilitate stakeholders to come together and take stock on the progress made.

“We hope that you will have the opportunity to network with your colleagues and to indeed share your own experiences towards the end of the seminar,” Mr Mukwereza said.

He thanked the participants for their commitment to the meaningful development of The Gambia, through their continual payment of taxes, including VAT.

Also, a team from the Gambia Revenue Authority made a presentation on the overview of VAT in The Gambia.

Mr Olutoyin Ojomalade, Standard Chartered Bank’s Regional Tax Manager also made a presentation.