Audio By Carbonatix
The Debt Enforcement Unit of the Ghana Revenue Authority (GRA) has shut down Pasico Ghana for owing GH¢4.8 million in Value Added Tax (VAT).
Workers of the company were ordered to pack out as the entire premises was sealed off.
Head of the Tax enforcement team, Nathaniel Tetteh, told the media it is possible properties of the company could be auctioned should management fail to pay in seven days.
The distress action comes in handy as the GRA races to meet its revenue target for the year 2019. As at September 2019, the Authority had collected GH¢32 million.
Much as the GRA follows due procedure to recover such monies, it has been alleged that some of the companies deliberately keep the money and invest in governor papers for up to 90 days to be able to make some returns on what should otherwise have come to the state.
If the GRA meets the revenue target for this year, this will be the first time the government has met its revenue target in three years.
For the past three years, the government has struggled to meet its domestic revenue target. This has caused the government to cut down on planned expenditure such as spending on infrastructure and other key areas.
The last time the Ghana Revenue Authority met its domestic revenue target was in 2015 where it exceeded its target by more than GH¢600 million.
The distress action comes in handy as the GRA races to meet its revenue target for the year 2019. As at September 2019, the Authority had collected GH¢32 million.
Much as the GRA follows due procedure to recover such monies, it has been alleged that some of the companies deliberately keep the money and invest in governor papers for up to 90 days to be able to make some returns on what should otherwise have come to the state.
If the GRA meets the revenue target for this year, this will be the first time the government has met its revenue target in three years.
For the past three years, the government has struggled to meet its domestic revenue target. This has caused the government to cut down on planned expenditure such as spending on infrastructure and other key areas.
The last time the Ghana Revenue Authority met its domestic revenue target was in 2015 where it exceeded its target by more than GH¢600 million.DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Qatar denies capturing three Iranian pilots after downing fighter jets
15 seconds -
Tano North chiefs petition Mahama over galamsey destruction in River Tano
24 minutes -
Kalpohin SHS, NOBISCO qualify to represent Northern Region at National Public Speaking Competition
31 minutes -
Missing records of illegal gold purchases in Ghana raise concern – Duncan-Williams
54 minutes -
Duncan-Williams warns of powerful interests targeting GoldBod
1 hour -
We need to pray for GoldBod – Duncan-Williams
2 hours -
Strong favourites or tougher task – will Arsenal defend their title?
2 hours -
Passengers escape death as VIP travelling from Kumasi to Sunyani catches fire
2 hours -
Ariana Grande leaves problems at home as her tour hits the UK
3 hours -
Multiple suspects at large after five shot at Virginia State University, police say
3 hours -
Three killed as Russia launches fresh aerial attacks across Ukraine
3 hours -
Boxing: John Laryea disqualified in WBA Featherweight title eliminator
3 hours -
Hawaii battles strong winds and rain as Hurricane Lala threat looms
3 hours -
Twelve killed as Polish bus veers off Hungarian motorway
4 hours -
Building Ghana better: Why architects must be at the heart of national development
7 hours