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    NPA encourages consumers to lodge complaints of foul play at the pump for redress

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

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    Societe General Ghana partners AGF to provide financing solutions for SMEs

    IMF programme won’t affect free SHS, other flagship programmes – Gov’t

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

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    Societe General Ghana partners AGF to provide financing solutions for SMEs

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

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    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

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Government explains motive for basing Agyapa Royalties in tax haven

August 27, 2020
in Government, Mining, Top Stories
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The government has explained the reason behind basing Agyapa Royalties Limited in Jersey of the Channel Islands which is a known tax haven.

The government says it adopted such a decision to ensure that it was not paying more tax on mining royalties than it needed to.

The government registered the company in Jersey “because it was the most tax-efficient avenue to use,” Charles Adu Boahen, a Deputy Finance Minister, said at a press conference on Thursday evening.

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“We need to domicile an entity in a jurisdiction that will provide the ability for the royalties not to be taxed again… If we had decided to transfer the royalties in Agyapa that was domiciled in Ghana, we would have ended up in a situation where we would be paying tax twice,” he explained.

The government through the Minerals Income Investment Fund set up Agyapa Royalties Limited to monetise Ghana’s gold royalties.

In exchange, the company plans to raise between $500 million and $750 million for the Government on the Ghana and London Stock exchanges to invest in developmental projects.

This arrangement has, however, faced criticism from opposition political parties, Civil Society Organizations and other observers who have called for the arrangement to be suspended.

Jersey is a known destination for incorporating companies that want to be listed on the London Stock Exchange, as the government did with Agyapa Royalties.

It is also one of the top tax havens, attracting business people and other super-wealthy individuals who keep money in offshore accounts for tax avoidance purposes.

Mr. Adu Boahen, however, downplayed concerns that the government may be engaging in an untoward venture with the deal.

“Like all things in life, you can use it for a good purpose or you can decide to use it for bad purpose. It all depends on your thinking,” the Deputy Minister remarked at the press conference.

“We worked very closely with Jersey and the Prime Minister’s office in London with regard to getting the clearance to make sure that we could use Jersey as the place for incorporation,” he noted further.

 

 

 

Source: Delali Adogla-Bessa/citinewsroom.com
Tags: Agyapa Royalties LimitedGhana News
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