Gold Fields Ghana appeals to GRA to reinstate $2m tax off newly constructed TnA Sports Stadium

The Vice President and Interim Managing Director of Gold Fields Ghana Limited, Elliot Twum has appealed to the Commissioner General of the Ghana Revenue Authority, to reinstate an earlier tax holiday of the newly constructed, 16.2 million dollar Tarkwa Na Abosso, (TnA), a sports stadium in Tarkwa.

According to the Managing Director, GRA has withdrawn an earlier endorsement to treat the project as a civil engineering public works hence making the company liable to pay two million dollars as Value Added Tax –VAT after the huge investment.

Speaking at the handing ceremony of the TnA sports stadium, he said, “I must touch on a matter of concern to the Gold Fields Company, the TnA stadium is a public facility. We are appealing to the government specifically that the Commissioner General of the Ghana Revenue Authority to reinstate earlier endorsement for this project to be treated as civil engineering public works and therefore exempt supply from value-added tax.

“The confirmation effectively meant that the project will not be chargeable to VAT amounting to about two million dollars. The GRA’s confirmation has subsequently been withdrawn without notice and without recourse to gold fields.”

As such Mr. Elliot Twum, has appealed to the government to reconsider this decision to free the funds for more investment into corporate social projects like the newly built stadium.

“Our humble position is that the reconstruction of this public facility should not attract the payment of VAT. We have taken up this matter with Authorities and look forward to this consent being addressed favorably. This would mean the foundation will be able to channel these two million dollars into other sustainable and impactful projects for our communities and will enable us to do a lot more of such projects.”

Reacting to the concerns raised, the Minister of Youth and Sports, Mustapha Ussif, assured the company of the government intervention to streamline this development.

“I want to assure Gold Fields that I will take your request on board and ensure that you get tax exemption under the income tax law for the huge investment you have made.”