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
-
Ghana holds vast untapped gold reserves — Ken Ashigbey
2 minutes -
Deploy National Service personnel for mineral exploration – Chamber of Mines CEO
25 minutes -
Increase Ghana’s share in the value chain through partnerships, not isolation – Ing. Ashigbey
36 minutes -
AIB Ghana to release report on fatal Tema microlight aircraft crash today
40 minutes -
Krachi East school feeding programme near collapse as cooks threaten boycott over unpaid allowances
42 minutes -
Cedi’s depreciation does not make it world’s weakest currency — Hopeson Adorye
44 minutes -
Auditor-General recommends sanctions for Ussif, Dr Ofosu-Asare and Kartey over GHC 726m administrative lapses, procurement breaches
1 hour -
Tanyigbe SHS plunged into darkness as fallen electricity pole disrupts WASSCE preparation
1 hour -
Photos: IGP engages personnel amid Atebubu-Yeji security operations
1 hour -
Beyond the Boardroom: An African Union Day reception at White Restaurant & Garden
1 hour -
Swedru: 23-year-old apprentice missing after falling into floodwater
1 hour -
9 in 10 Ghanaians trust vaccines, support local production — Survey
1 hour -
Rainstorm wreck houses in Ketsi, Koensim
1 hour -
US launches new strikes on Iran, targeting missile sites and boats
1 hour -
BoG directs MTN to halt 0.75% charge on MoMo-to-bank transfers from June 1
1 hour