General News of 2014-07-31

Favoritism allegation untrue – GIPC

Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Mawuena Trebah says stringent measures governing the granting of tax exemptions makes it impossible for the relief to be enjoyed by underserving companies.
Some Members of Parliament have questioned the rationale behind the granting of tax exemption to local IT firm Rlg. The MP for Obuasi West Kwaku Kwarteng and his colleague from Assin Central Kennedy Agyapong who are leading the charge argued that Rlg, which assembles electronic devices such as laptop and mobile phones, is enjoying tax concession granted manufacturers.
According to them, though the Ghana Revenue Authority after its survey of facilities belonging to Rlg recommended for the cancellation of the tax exemption granted it, the Finance Ministry ignored the advice, allowing Rlg to continue to enjoy the tax relief.
Rlg in a statement however denies the accusation describing it as false and an attempt to cause public disaffection for the company.
Meanwhile, the chief executive officer of the Ghana Revenue Authority Mawuena Trebah in an interview said the new board of the center has resolved to ensure value for money for the country in all transactions with investors.
“I have heard people talk about tax exemption and what I can say is that the process is quite vigorous and transparent. Companies that apply must satisfy certain requirements which include commitment by them to use a certain percentage of local resources or expertise and we also go out there and physically check that that is done,” she added.
Mrs. Trebah who took over as CEO of GIPC last year says she has yet to grant any tax exemption to any company and added the monitoring team of the center will continually check to ensure companies enjoying such tax reliefs comply with conditions attached to the grants.
“As an organization we go through internal review processes all the time to check our own efficiencies and ensure compliance to ensure companies offered tax exemptions report back on what they have been given,” she stressed.
Meanwhile, the Ghana Investment Promotion Center continues to make strides in attracting foreign direct investment into the country.
Despite challenges facing the Ghana’s economy, the country continues to be the preferred choice of investors in the sub-region.
According Mrs. Trebah, political stability in Ghana places her above other nation seeking the attention of investors.
Mrs. Trebah expected to address a special summit for African leaders called by the United States President, Barrack Obama said she will use the opportunity to outline some of the investment potentials in the country and expressed her optimism the platform will yield dividends for the country.
Source: myjoyonline.com
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