The Revenue Assurance, Compliance and Enforcement (RACE) of the Ministry of Finance has retrieved ¢24.2 million as tax under recovery from some Oil Marketing Companies and a commercial bank.
This follows validation of tax payments for the lifting of refined petroleum products.
According to the Ministry, the Revenue Assurance, Compliance and Enforcement (RACE) team of the Ministry of Finance concluded the first phase of engagements with 99 out of 117 OMCs to validate tax payments for the lifting of refined petroleum products.
The engagements involved GRA, the National Petroleum Authority (NPA), the Association of Oil Marketing Companies (AOMCs), and some commercial banks.
Under the RACE initiative, government has established a tax liability of ¢62 million against a commercial bank out of which ¢14.3 million has been recovered. Furthermore, about ¢9.9 million has been recovered from some Oil Marketing Companies
Latest Stories
-
Why Sam Jonah can’t trust Ghanaian journos to cover Election 2024 professionally
8 mins -
Laryea Kingston takes over as Black Starlets head coach
25 mins -
NDC MPs calls for resignation of ECG MD, board
25 mins -
KNUST’s Prof. Grace Nkansa Asante becomes Ghana’s first female Professor of Economics
45 mins -
Ghana reaches a deal with bilateral creditors on debt restructuring
49 mins -
Predecessor Awards Worldwide launches legacy book by American baseball star
1 hour -
Protest at Mallam as residents demand improved roads
1 hour -
Survey names Cape Town as Africa’s best airport
1 hour -
All Regional Games: Torch Relay ceremony held in Accra ahead of maiden edition
2 hours -
Kofi Kinaata fulfils promise to release new album
2 hours -
Ronaldo inspires me – Cadman Yamoah
2 hours -
Absa Bank champions Intra-African Trade at the Absa Export Advantage Forum
2 hours -
I’m trying to prove people wrong – Kofi Kinaata explains why he avoids rap beefs
2 hours -
U.S. government donates anthrax vaccines to protect Ghanaians and livestock
2 hours -
Nigerian pastor Chris Oyakhilome pushing malaria vaccine conspiracy theories
2 hours