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
-
NDC Akatsi South suspends campaign activities following organiser’s death
9 minutes -
He lived his life in preparation for the hereafter – Dr Bawumia pays touching tribute to late Dagomba Chief of Accra
13 minutes -
Gov’t, PUWU meet today over proposed private-sector role in ECG, NEDCo
13 minutes -
Spreading drug abuse could rob Ghana of future leaders – NPC
18 minutes -
Configure SHS tablets to stop student misuse, government urged
23 minutes -
MoFA, ABC Oyeasase Yie to establish $50m organic fertiliser facility
28 minutes -
Embrace eco-friendly practices, technical skills – Chief urges Ghanaians
34 minutes -
Tumu landlord gives road encroachers a 2-week ultimatum to relocate for road construction
39 minutes -
Gold shipments resume after August slowdown – BoG Governor
44 minutes -
Nana Yaa Jantuah calls for renewed commitment to Nkrumah’s vision
50 minutes -
CAGD explains delay in teachers’ promotion arrears, says 6,079 cases already paid
55 minutes -
Fuel, taxes and loans are driving up airfares – Prof Quartey
1 hour -
Ghana, Côte d’Ivoire mark major border milestone with 37 new pillars
1 hour -
Almost everything in Ghana is expensive – CUTS Director on airfare debate
2 hours -
NAFCO builds GH¢100m food buffer as Ghana moves to strengthen food security
2 hours