Business News of Mon, 16 Jul 20181

$13.5m wrongfully paid to GRA - PIAC

A report by the Public Interest and Accountability (PIAC), has revealed that some $13,518,852.98 wrongfully paid by some companies into Ghana Revenue Authority’s (GRA) account instead of the Petroleum Holding Fund (PHF) have not been transferred for years.

These are $12,726,739.73 Corporate Income Tax assessments for Anadarko between 2011 and 2015 as well as third-quarter corporate tax assessment of $761,229 by PetroSA which were paid some three years ago.

However, corrections have not been effected to have it moved to the right account.

When PIAC raised red flags over a similar issue, the GRA explained that a request had been made to the Bank of Ghana to do the correction and have the money transferred to the appropriate authority but that has not been done.

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PIAC said in a report about Springfield E&P's 2016 Surface Rental arrears that $30,884.25 was also wrongfully paid to the GRA.

PIAC has therefore directed in its 2017 report that the GRA and the Petroleum Commission liaise to ensure that surface rentals are paid into the proper accounts to help government generate the needed revenue.

“To forestall wrongful lodgement of surface rentals and other receivables, the Petroleum Commission should ensure that oil companies are properly appraised on the requirements of the PRMA (Ghana's Petroleum Revenue Management Act),” the report said.

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