The Internal Revenue Service (IRS) on Friday refunded seven billion cedis as overpaid taxes to nine companies.The nine are the first batch of 24 companies whose taxes were audited last year and found to deserve such repayment of withholding taxes. Major Dan Ablorh-Quarcoo (rtd), Commissioner of IRS, who presented the cheques to representatives of the companies, said the action was to demonstrate to taxpayers and the general public that IRS was set to “go by the laws that regulate tax collection in the country”. He explained that, the tax law stated in part that when taxpayers overpaid taxes, such monies were to be refunded as a mark of ensuring the integrity of IRS. Major Ablorh-Quarcoo said the process of refund was ongoing and that more companies would be audited and when found to deserve a refund it would be done and encouraged companies to pay their taxes promptly, assuring them of better relations in the New Year. Among the companies that received the refund were the Midland International Ghana Limited; Global Haulage Company Limited; Belshaw Limited; Intravenous Infusions Limited and Seapong Construction. Others were Byes and Waves Limited; Wilham Limited; OTR Tyres Ghana Limited and Banlaw African Limited. Mr Ralph Tuffuor of Midland International Limited on behalf of the companies appreciated the action and said it was a way of enhancing the cash flow of their respective companies.Source GNA