GRA adopts measures to reduce OMCs’ tax default

The Commissioner General of the Ghana Revenue Authority, Rev. Ammishaddai Owusu-Amoah, says the commission has adopted measures to reduce tax defaults of Oil Marketing Companies (OMCs).

This follows revelations in the 2022 Auditor General’s report that 18 OMCs owed over GH¢3 million in taxes.

Rev. Owusu-Amoah noted that while the Authority was in court to retrieve these taxes, some measures have been put in place to prevent defaults.

“Some of the measures that we have put in place, Mr. Chairman, is that now previously we had all insurance companies being able to provide bonds for OMCs. Today we have done our appraisal of insurance companies, and today we have only eight insurance companies. We have also done appraisals of insurance companies, giving them limits. So we have looked at their balance sheets and determined how much they can provide, they can guarantee in terms of individual bonds, in terms of overall bonds. And then we have also asked the rest to go to banks for guarantees. We have also implemented a system where as soon as you fail, the system blocks you,” he added.

 

---

Explore the world of impactful news with CitiNewsroom on WhatsApp!

Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x

No spams, just the stories that truly matter!  #StayInformed #CitiNewsroom #CNRDigital

The post GRA adopts measures to reduce OMCs’ tax default appeared first on Citinewsroom - Comprehensive News in Ghana.

Read Full Story