Suppliers of mining equipment in Ghana who default in filing tax returns risk prosecution if they fail to reconcile with the Ghana Revenue Authority (GRA).<\/p>\n
[contextly_sidebar id=”ujK0tlfzjJTY4CZtiFHEovqi3ysr5MX0″]It follows plans by the GRA to clamp down on defaulting tax payers especially in the mining sector, this year.<\/p>\n
Under the law, mining companies are entitled to refunds of some taxes on their inputs. The companies, last year, claimed over 500 million cedis in refunds.<\/p>\n
A situation the Head of Special Revenue Mobilisation task force, Henry Sam believes raises concerns on the amount of taxes paid by the suppliers of mining equipment.<\/p>\n
\u201cSuch refunds in respect of their purchases don\u2019t come in isolation; businesses that they dealt with would have to affect them with invoices so we are talking about output of one business becoming the input of the mining company, so the mining company claims to refund,\u201d he said.<\/p>\n
The task force boss added, \u201cBut then the big question is, has the customer to the mining company that issued the invoice and for which payment will be done also paid the relevant taxes and that will be one of the major issues that we will be investigating this year.\u201d<\/p>\n
He however tells Citi Business News<\/strong> prosecuting culprits should reduce the level of non-compliance.<\/p>\n \u201cWe want to block the major lop holes in the tax system such that when we even reduce the tax rates it is possible to still maximize tax revenue even with the reduced tax rates.\u201d<\/p>\n The Special Revenue Mobilization Task force of the Ghana Revenue Authority on Wednesday (February, 15th<\/sup>, 2017) closed down PackPlus International Limited for owing in excess of two million cedis in taxes between 2013 and 2015.<\/p>\n According to the task force it will be compelled to begin processes to dispose of the company\u2019s assets within fourteen days if it fails to settle the debt within the period.<\/p>\n The shutting down of companies is one of key moves by the Authority to clamp down on tax defaulters from this year.<\/p>\n The Coordinator of the Special Revenue Mobilisation Task force at the GRA, Henry Sam tells Citi Business News the move should culminate in attaining the unit\u2019s revenue target for this year.<\/p>\n \u201cWhere it is found or it is established that there are discrepancies on the records and transactions as against the declarations on tax returns, assessments will be made and businesses will be penalized to pay the interest and the penalties together with the tax.<\/p>\n \u201cWhere they default we will not hesitate to publish their names in their papers and also take other actions against them without any further notice.\u201d<\/p>\n Figures released by the GRA show that the task force in 2016, raked in about 184 million cedis representing a thirty-two percent increase from the estimated 139 million cedis collected in the previous year.<\/p>\n –<\/p>\n By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" Suppliers of mining equipment in Ghana who default in filing tax returns risk prosecution if they fail to reconcile with the Ghana Revenue Authority (GRA). [contextly_sidebar id=”ujK0tlfzjJTY4CZtiFHEovqi3ysr5MX0″]It follows plans by the GRA to clamp down on defaulting tax payers especially in the mining sector, this year. Under the law, mining companies are entitled to refunds […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"\n