More Businesses Face GRA Pressure Over Back Taxes
As the cash-strapped government struggles to gather money and negotiate a bailout from the International Monetary Fund, Ghana is requesting that some of the country’s biggest corporations pay millions of dollars in overdue taxes.
It was MTN Ghana at first, followed by Tullow Oil, and is presently Goldfields Limited and Kosmos Energy Limited.
The businesses all refute the assertions made by the government. Following an exposé by Techgh24 that the business that conducted the assessment, Safari tech Ghana Limited, is dodgy and has a significant history of misrepresentations, the GRA has so far completely abandoned the GHS8.2 billion back tax on MTN.
Techgh24 has also learned that a Ghanaian Reverend Minister, whose locus is even being questioned by several directors at GRA, conducted the evaluation on Tullow Oil that resulted in a $300 million back tax.
Ghana has been compelled to use the majority of its income to pay down an estimated $56 billion in public debt.
Sven Lunsche, a spokesman for Gold Fields, responded to inquiries via email with the statement,
“Ghana is certainly having fiscal and economic issues at the moment.
“We are confident that the government won’t use irrational fiscal measures that would worsen the problems facing the corporate sector.”
The second-largest economy in West Africa was unable to access international financial markets due to its spiraling debt and loan-service expenses.
In response to a decline in the cedi, it is restructuring the majority of its debts and applying to the IMF for a $3 billion loan.
As it stands now, Gold Fields is attempting to resolve the demand for 2018 to 2020 through discussions with the national tax authority.
Moreover, MTN has until Friday to reach a deal with Ghanaian authorities about the $776 million fine.
Dallas-based Kosmos Energy stated that the government alleged it had failed to meet its contractual tax and financial responsibilities.