Pasico Ghana Limited has said the recent shut down of its offices by the Ghana Revenue Authority could be blamed on a dispute regarding the treatment of VAT transactions.
The company which had its offices sealed off by the tax authority on October 24, 2019, denies that it has defaulted in its tax obligations over a period of time as was reported by some media outlets.
A statement issued by the company explained that the GRA action came after a compliance check from GRA early in 2019 when a VAT assessment was made.
“Pasico Ghana Limited had treated VAT consistently for a number of years and in a way that its auditors and previous GRA reviews had deemed correct. Pasico also treated these VAT transactions in the same way as many of its industry peers.
The issue highlighted by GRA was an administrative one relating to one specific type of transaction and does not stem from any attempt by Pasico to avoid or default on any of its tax obligations,” the statement explained.
The company stated that since the assessment was done, represented by its tax consultants and lawyers, had been in dialogue with the Ministry of Finance and the GRA.
Pasico further added that since its establishment in 1948, it has always conducted its business operations within all these decades without any tax default issues with the GRA.
“Pasico Ghana Limited has always taken its statutory responsibilities seriously and endeavours to comply with its obligations at all times,” the company stated.