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GRA to set up int’l commodity prices monitoring desk

GRA Commissioner, Emmanuel Kofi Nti

The Ghana Revenue Authority (GRA), has said that it is setting up a desk at its headquarters which is going to be dedicated to monitoring the prices of commodities on the world market.

The desk, according to the GRA, will help it reconcile prices of gold and other commodities to that are reported by local producers and exporters.

“We want a situation where the pricing mechanisms that are applied by the industry are as real as possible, and that the industry knows the GRA is very up to date with the pricing mechanism on the international market”.

Mr. Emmanuel Kofi Nti, the Commissioner General for the Ghana Revenue Authority, explained to Citi News after a tour of some mining companies in the Western Region.

Mr. Nti further explained for the GRA to recoup the right taxes that ought to go to the state, greater revenue reporting transparency is one sure way to realize it. He mentioned that “in this work that we are doing, there are related party transactions, and so there are issues where items might have been sold may not have been sold at arm’s length. And so as we deal with them and they know we are closely monitoring the environment”.

“This will bring greater transparency, and when they report, we can understand. There wouldn’t be any need for us to be arguing and creating issues. But that we are certain. The industry will be fair to us, as we are also to them”. Mr. Nti added

Mr. Nti discounted a state of mistrust between the people in charge of tax administration and the mining companies but said the move was to ensure the GRA is clear in its minds of what the companies were reporting.

He concluded that “there have been times where the companies are reporting correctly, but in our minds we are not still agreeing. Those things will come to an end with this desk. We are just after transparency”.

By: Obrempong Yaw Ampofo/citinewsroom.com/Ghana

Citi Business News