Margins ID, Energy Insurance closed down over tax arrears

The Ghana Revenue Authority (GRA) has closed down Margins ID Systems and the International Energy Insurance Company for owing over Gh¢3.3 million in tax arrears.

A taskforce of the GRA on Friday sealed the offices of Margins for owing Gh¢2,095,387.06 from July 2013 while the International Energy Insurance Company had its premises locked for owing well over Gh¢1.3 million.

The GRA is embarking on an operation to lock up all companies that are in tax arrears.

According to Starr Business’ Osei Owusu Amankwaah, who is with the taskforce, the team nearly closed down the Wisconsin University which owes about Gh¢609,000 from 2010 to 2013.

He reported that the chairman of the university's council Justice Dotse and board chair Dr Emmanuel Owusu signed an undertaken to pay 50% of the arrears on August 24.

The task force was set up August 3, 2013 and has visited 324 delinquent tax payers and have retrieved about Gh¢12.4 million.