Rev. Ammishaddai Owusu-Amoah, the Commissioner General of the Ghana Revenue Authority, has highlighted the steps being taken to crack down on tax evasion by oil marketing companies.
Some of the safeguards, he claims, guarantee that businesses will be stopped right away in the event that they default.
Previously, all insurance companies were permitted to furnish bonds for OMCs. This is one of the measures that we implemented, Mr. Chairman. After conducting our insurance company appraisal today, we are down to just eight insurance firms.
Additionally, we have appraised insurance businesses and set restrictions for them. We have therefore examined their balance accounts to ascertain the amount that they are able to offer, guarantee, and supply in relation to individual bonds as well as bonds collectively. And then, when he came before the Public Accounts Committee on January 29, 2024, he added, “We have also asked the system where the system blocks you as soon as you fail.”
Following the disclosure in the 2022 Auditor General’s report that 18 OMCs owed more than 3 million Ghana cedi in taxes, the topic of OMCs tax defaults arose.
Source:1FamilyRadio