GRA

Ghana Risks Investor Revolt; South African’s Foreign Minister Kicks Against ‘Back Tax’
10 Feb

Ghana Risks Investor Revolt; South African’s Foreign Minister Kicks Against ‘Back Tax’

wontumionlineBusiness, , , ,
Ghana risks investor revolt as it seeks to raise more money from ‘back tax’ penalties. This is coming after South African Foreign Minister, Naledi Pandor, according to Bloomberg, warned that South African companies operating in countries where they had faced challenges disinvested, damaging their economies. The Ghana Revenue Authority had imposed ‘back tax’ penalties on MTN, Tullow, Goldfields and Kosmos Energy. But the companies have all indicated their positions to contest the claims by the GRA. However, the GRA advised the multinational companies contesting the imposition of the ‘back tax’ penalties to use internal systems designed to address the issues…
Read More
Use Legal Means To Challenge Imposition Of Back-Tax – GRA To Multinational Companies
08 Feb

Use Legal Means To Challenge Imposition Of Back-Tax – GRA To Multinational Companies

wontumionlineBusiness, , , ,
The Ghana Revenue Authority (GRA) is advising multinational companies contesting the imposition of the ‘back tax’ penalties to use internal systems designed to address the issues of tax dispute. The authority in recent exercise imposed ‘back tax’ penalties on MTN, Tullow, Goldfields and Kosmos Energy. The companies have all indicated their positions to contest the claims by the GRA. But answering some questions sent to the GRA by Joy Business, the authority said the companies have the right under the GRA Law to object to the tax imposition, after which the GRA will determine the case in 30 days. If…
Read More
GRA e-VAT System Must Succeed
06 Feb

GRA e-VAT System Must Succeed

wontumionlineBusiness
Recent decision by the Ghana Revenue Authority (GRA) to implement the Electronic Value Added Tax (E-VAT) E-VAT payment has brought some benefits to the country. The Electronic Value Added Tax (E-VAT) certified invoicing system has been designed to provide the Ghana Revenue Authority (GRA) with visibility into taxpayer transactions never before realised in the history of the GRA and will be a major breakthrough when fully rolled out. It is destined to revolutionarise the monitoring of VAT transactions and will improve tax collections critically needed at this time for the government. Currently, taxpayers issue VAT invoices either with i) VAT…
Read More
GRA Descends On Maxmart And Koala For Failing To Issue Electronic VAT, Others
03 Feb

GRA Descends On Maxmart And Koala For Failing To Issue Electronic VAT, Others

wontumionlineBusiness, ,
The Ghana Revenue Authority (GRA) has descended on Maxmart at 37 Military Barracks area and Koala at Osu and Labone in the Greater Accra region for evading taxes. Managers of the two shopping centers were arrested accordingly. Their offences include failure to issue electronic Value Added Tax (VAT), duplication of signatures on VAT receipts, among others. The move by the GRA is part of measures to enforce the electronic VAT law. GRA has for the past weeks been going after shopping centers and super markets within the city to ensure they comply with the electronic VAT. The exercise sanctioned by…
Read More
‘We Feel Victimised Even Though We Are Fully Compliant’ To E-VAT – Melcom To GRA
03 Feb

‘We Feel Victimised Even Though We Are Fully Compliant’ To E-VAT – Melcom To GRA

wontumionlineBusiness, ,
Leading retail shopping centre, Melcom has reaffirmed its commitment to the Electronic Value Added Tax (E-VAT), saying, it has exhibited full compliance and cooperated with the Ghana Revenue Authority team in implementing the E-VAT. It has however advised the Ghana Revenue Authority (GRA) to stop harassing its staff and the inconvenience to its loyal customers. In a response to the Commissioner General of the GRA, Dr Ammishaddai Owusu-Amoah, after the authority arrested managers of Melcom for alleged non-compliance with the E-VAT invoice, the company expressed worry about victimisation. The retailer centre said it has been fully compliant and cooperative with…
Read More
GoldFields, Kosmos Dispute Tax Bills Imposed By GRA
02 Feb

GoldFields, Kosmos Dispute Tax Bills Imposed By GRA

wontumionlineBusiness, , , ,
Mining giant, Gold Fields Limited and oil giant Kosmos Energy Limited have joined Tullow Oil and MTN Ghana for disputing ‘back tax bills’ by the Ghana Revenue Authority (GRA). The two have however declined to give financial details. Gold Fields spokesman Sven Lunsche said in response to Bloomberg that “Ghana is clearly facing fiscal and economic challenges at the moment”. “We are hopeful that the government will not resort to unreasonable fiscal measures that will further imperil the challenges facing the corporate sector.” Gold Fields is in talks with the GRA to resolve the demand for back taxes from 2018 to 2020.…
Read More
Officials Of China Mall, Shoprite, Palace Mall Picked Up For Tax Violations
31 Jan

Officials Of China Mall, Shoprite, Palace Mall Picked Up For Tax Violations

wontumionlineBusiness, News, , , ,
Some officials of some notable shopping centres in the Greater Accra region have been grabbed by officers of the Ghana Revenue Authority (GRA) for issuing fake Value Added Tax (VAT) invoices. The shops include China Mall, Sneda Shopping Centre, Palace Mall and Second Cup Coffee all on the Spintex Road, as well as Shoprite at the Junction Mall in Nungua. The exercise was undertaken by a joint team from the GRA, and the Criminal Investigations Department (CID) of the Ghana Police Service. The exercises is part of moves by the GRA to boost revenue mobilisation through enforcing the tax laws.…
Read More
South Africa Calls On MTN, Ghana To Resolve $773m Tax Dispute
31 Jan

South Africa Calls On MTN, Ghana To Resolve $773m Tax Dispute

wontumionlineBusiness, News, ,
South Africa’s Foreign Minister, Naledi Pandor, has called on mobile operator MTN Group  and the Ghana Revenue Authority to find a solution to a $773 million tax dispute. Earlier this month, MTN said the Ghana Revenue Authority issued the company’s subsidiary MTN Ghana with a bill for back taxes after auditing it for the years 2014 to 2018 and inferring that it had under-declared its revenue by about 30% during the period. MTN, which has a presence in 19 countries in Africa and the Middle East, said at the time that it disputed the “accuracy and basis” of the assessment and that it…
Read More
Tullow Oil Challenges GRA Over $300m Tax Imposition
26 Jan

Tullow Oil Challenges GRA Over $300m Tax Imposition

wontumionlineBusiness,
Oil exploration and production firm, Tullow is challenging the Ghana Revenue Authority over $300 million advanced tax imposed on the company by the authority for its 2023 operations. Tullow is also raising issues on a similar assessment conducted in 2022, after a review by the GRA. These concerns were captured in Tullow Oil’s January Trading Statement and Operational Update released on January 25, 2023. According to Tullow Oil, “these assessments are without merit”. It, however, added that it will continue to actively engage the Government of Ghana to resolve the disputes on a mutually acceptable basis. Tullow to invest $300m…
Read More
We Need To Close Tax Revenue-To-GDP Ratio – Ofori-Atta To GRA
24 Jan

We Need To Close Tax Revenue-To-GDP Ratio – Ofori-Atta To GRA

wontumionlineBusiness, ,
Finance minister, Ken Ofori-Atta, has applauded the Ghana Revenue Authority (GRA) for putting in efforts to mobilise revenue for the country beyond its target. The GRA has reported over ¢3 billion above its revenue target for 2022. Speaking to Joy Business after inaugurating the Independent Tax Appeals board in Accra, Mr. Ofori-Atta said more will be needed from the authority in order to close revenue leakage and boost the tax revenue to Gross Domestic Product (GDP) ratio gap, which presently hovers around 14%. Establishment of the board is aimed at promoting fairness in tax administration and boosting investor confidence in…
Read More