GRA implements systems to avoid tax defaults by OMCs

The Commissioner General of the Ghana Revenue Authority, Rev. Ammishaddai Owusu-Amoah, has highlighted measures being adopted to clamp down on tax defaults by Oil Marketing Companies.

According to him, parts of the measures ensure that companies will be blocked immediately after they default.

“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 said when he appeared before the Public Accounts Committee on January 29, 2024.

The issue of tax defaults by OMCs came up after revelations in the 2022 Auditor General’s report that 18 OMCs owed over GH¢3 million in taxes.

SSD/NOQ

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