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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Office of International Energy Insurance shut down over unpaid taxes

bycitibusinessnews
August 21, 2015
in Banking And Finance, Business, Top Stories
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The office of insurance firm, International Energy Insurance has been shut down by the Ghana Revenue Authority (GRA) and the police over unpaid taxes.

[contextly_sidebar id=”EJncD2bluQWfsyfNuBmBjISnWbaEJZKk”]According to the GRA International Energy Insurance owes the state about 80, 000 cedis in unpaid Valued Added Tax (VAT).

Citi Business News has gathered the closure of companies by GRA over tax evasion which is rolled out periodically, this time round, may run into several months.

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The authority which has been battling a decrease in its targets following an increase in tax evasion, early this week announced it had begun investigating a number of multinational companies in the country, suspected of massive evasion of tax through profit shifting.

A tax policy advisor at the Ministry of Finance, Dr. Edward Larbi Siaw who confirmed the investigations to Citi Business News early this week said,” in Ghana the multi-national put it as tax planning but if you plan your tax payment in that way, now the whole world is saying it is unacceptable, pay taxes where your big production is taking place… But there are indications that some multi-national firms are shifting their profits away from Ghana’.

Citi Business News has also learnt  the authority this week visited scores of multinational companies over the matter.

Chief Revenue Officer at the GRA Gaskin Theophilus told Citi Business News the authority will only back down on its moves when companies settle their tax obligations to the state.

‘This is one of the most effective ways of collecting taxes, we don’t do it all year round but periodically and when we do you see most companies thronging to our offices to pay their taxes.

Our target is to ensure that GRA’s collection is achieved and exceeded.

We gave them prior notification in some cases the debt of some of the companies has been there since 2010’.

–

By:  Vivian Kai Lokko/citifmonline.com/Ghana

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