GRA goes after Receiver of defunct banks over GH¢91 million in evaded taxes

The Ghana Revenue Authority (GRA) is seeking to go after the Receiver of defunct collapsed banks over the evasion of taxes amounting to GH¢91 million.

According to a myjoyonline.com report, Edward Gyamerah who is the Commissioner in Charge of Domestic Tax and Revenue Division at the Authority said it has not been able to collect the amount as owed by the defunct banks despite several letters written to the Receiver.

“The receiver has been written to on several occasions, to pay the money to the GRA as it has the first right to receive any such payments if the receiver gets any money from the companies.”

“And we are yet to receive from the receiver,” Gyamerah disclosed this when he appeared before the Public Accounts Committee on January 29, 2024.

Meanwhile, a member o-f the PAC, Kofi Adams, requested for copies of the letters (first and last) sent to the receiver seeking to demand payments to GRA.

Kofi Adams also noted that such high tax revenues needed to be collected in order to shore up the country’s domestic revenue mobilization efforts.

In 2017, the Bank of Ghana (BoG) undertook a clean-up exercise that saw the revocation of operating licenses of some eight banks, 23 savings and loans companies and more than 400 specialised deposit-taking institutions (SDIs).

According to the Receiver for some of the financial institutions, preliminary investigations found that most directors of the defunct financial institutions failed in their fiduciary responsibilities to customers and other stakeholders.

The measures, according to the BoG safeguarded the investments of some 4.6 million depositors.

MA/NOQ

Watch a recap of business stories below:

Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel