GRA SET TO INVESTIGATE TOP COMPANIES FOR TAX EVASION AND MONEY LAUNDERING

GRA SET TO INVESTIGATE TOP COMPANIES FOR TAX EVASION AND MONEY LAUNDERING

Deep throats within the Ghana Revenue Authority (GRA) has revealed that, the authority in collaboration with revenant stakeholders such as the Financial Intelligence Unit, Economic and Organized Office (EOCO) and the National Investigations Bureau (NIB) formerly known as BNI are set to launch a full scale investigations against some popular companies in Ghana.

According to our credible sources within the GRA which operates directly under the ministry of Finance headed by Hon Ken Ofori Atta, the GRA will soon Investigate these companies for suspected offenses relating to tax evasion, non tax compliance and money laundering which contravenes the laws of the Republic.

Per our information gathered, most of these companies that allegedly invade taxes and also engage in money laundering are mostly businesses owned and operated by foreign nationals such as Lebanese, Indians and Chinese.
Tax evasion in Ghana by law is any illegitimate or criminal activity carried out by individuals, corporations, trusts and any other entity or body to deliberately misrepresent the true state of their affairs to the Ghana Revenue Authorities to reduce their tax liability. This illegal act of tax evasion includes making false declarations on tax returns, misrepresentation of trading records and or books of accounts (declaring less income, profits or gains than the amounts actually earned, or overstating deductions), and any act of dishonesty regarding a person’s taxation to the Ghana Revenue Authority.
Tax evasion is a criminal offence and it is punishable by law.

This exercise is geared towards ascertaining compliance with the provisions of tax laws. The following are some tax related offenses suspected to have been committed by the companies;
1. Failure to issue VAT invoices contrary to section 41 of VAT ACT 2013, Act 896.
2. Failure to file tax returns (section 73 of the revenue Administration Act 2016, Act 915).
3. Failure to pay accurate tax due to the state (Sec 80 of the revenue Administration Act 2016, Act 915).
4. Failure to comply with tax laws ( Sec 78 of the revenue Administration Act 2016, Act 915).
5. Making False and misleading Statements (Sec 74 & 81 of the revenue Administration Act 2016, Act 915).

According to our deep throats, companies allegedly involved in this irregularities include among several others;
* CAITEC DELTA LTD. GT RADIAL TYRES Sales Center
* OLAM GHANA LIMITED
* SUNDA GHANA LIMITED
* GOKALS LABOREX Ltd
* TANG PALACE Hotel

The companies noted above are only a few of the popular list of companies allegedly targeted by the GRA.
The list notwithstanding includes wholesale, retail, manufacturing and real estate companies.

In Ghana, Tax Compliance refers to a taxpayers’ (business or individual) decision to observe tax laws and regulations- by filing returns and paying tax timely and accurately. Overall, tax compliance involves being aware of and observing the tax laws and requirements set forth by the Parliament of the Republic of Ghana – which are being administered by the Ghana Revenue Authority.
Any individual or business who fails to; file their tax return by due dates, report all earnings, accurately calculate taxes owed and pay taxes according to tax laws of Ghana is considered noncompliant.
Noncompliance is an offense and can come with significant consequences such as fines and other penalties for individuals or businesses as stipulated in the tax laws.

The GRA is expected to publish the names of all companies involved in the various offenses stated above in the media after an assessment and proper investigation has been done.
All directors of the companies found liable will then be prosecuted and jailed is found culpable by a competent court of jurisdiction.

This portal shall continue to update you on this development.