Oil revenues may fall short

Read Comments Comments (5)

• Yaw Adu-Asare 12 years ago

  This situation must not be acceptable to all active Ghanaians.
  
  Disgraceful!!!

  This situation must not be acceptable to all active Ghanaians.
  
  Disgraceful!!!

  reply
• KWABENA JONES. 12 years ago

  Once again, one can glean from this report that, there are very serious problems with our management style and the competencies, which we bring to addressing the issues confronting the country. Ghana is obviously not reaping ...
  read full comment

  Once again, one can glean from this report that, there are very serious problems with our management style and the competencies, which we bring to addressing the issues confronting the country. Ghana is obviously not reaping the full benefits of this oil resource and as a matter of urgency, this needs to be addressed. There is no transparency leading to all sorts of dubious dealings being perpetuated on the blind side of the unsuspecting public. The PIAC needs to be strengthened by providing it with 100% of all the resources they need to function effectively. The begrudging attempt at resourcing the PIAC by the government leading to the inability of the PIAC to function effectively is rather untenable and needs to be fixed ASAP. This is UNACCEPTABLE. The MOF, IRS and PIAC need to collaborate in areas where there are obvious shortcomings with respect to the sharing of information and there's the need to adopt and accept international best practices, which invariably leads to Ghana and it's citizenry, being the eventual beneficiaries and not some political and corrupt office holders.

  reply
• PATAPAA 12 years ago

  THESE CORPORATE CROOKS ARE PLAYING ACCOUNTING GAMES WITH THE COST RECOVERY NUMBERS. THEY HAVE INFLATED THEIR COST TO AVOID PAYING TAXES. WE KNOW THOSE BEHIND THE ACCOUNTING MALPRACTICES.

  THESE CORPORATE CROOKS ARE PLAYING ACCOUNTING GAMES WITH THE COST RECOVERY NUMBERS. THEY HAVE INFLATED THEIR COST TO AVOID PAYING TAXES. WE KNOW THOSE BEHIND THE ACCOUNTING MALPRACTICES.

  reply
• JAMES Y 12 years ago

  One is as baffled and the PIAC is, reading from the above article. Why should be government continue to include Corporation Tax in the estimation of its oil revenue, knowing very well that the producing partners are, by law, ...
  read full comment

  One is as baffled and the PIAC is, reading from the above article. Why should be government continue to include Corporation Tax in the estimation of its oil revenue, knowing very well that the producing partners are, by law, not entitled to pay it. It is difficult to find the rationale behind the government action. It is irrational, if anything, because it creates problems for the government, in terms of delivering its promised development programmes for the country because there will be shortfalls in the expenditure. Or, could it be the government expects always to fall on the contingency fund - the Stabilisation Fund - to offset the shortfalls in its expenditure requirement? Why would the government always want to fall on the fund which is set aside for an unforeseen expenditure? If the government correctly picks the things which it expects to get revenue from, it will, obviously, help the government to use the correct revenue to be used in the national budgets. At the moment, the continuous inclusion of Corporation Tax as part of future revenue from the oil producing partners by the government will always beat the minds of many people.

  reply
• Paul Amuna 12 years ago

  So the companies are simply using accounting loopholes and "clever accounting" to avoid paying taxes to government. We have seen this in Europe and America. Are we surprised they are doing it to us? They probably get away wit ...
  read full comment

  So the companies are simply using accounting loopholes and "clever accounting" to avoid paying taxes to government. We have seen this in Europe and America. Are we surprised they are doing it to us? They probably get away with more in Africa than they do elsewhere. Greed and profiteering seems to be the name of the game.

  reply