The Ghana Investment Promotion Council (GIPC)is putting in place measures to track operations of foreign firms in the country to ensure that the country’s tax law is respected.
The measures would cure the status quo where many foreign firms change ownership, and at times operating names after five years of operation in Ghana. Most companies resort to this canny way to evade tax when the tax holiday granted them expired.
This behavior contributes to revenue lost to the state; it also makes mockery of the country’s laws.
Chief executive officer of GIPC, Mawuena Trebah said firms caught engaging in such a nefarious activity will be sanctioned by the state if found culpable.
She was speaking to Joy News’s Elton John Brobbey on a variety of issues ahead of the annual Dubai Investment Forum that the country cannot sacrifice its laws to the advantage of foreign firms.
“I have zero tolerance for disregard for our rules and regulations,” she said, adding that she will personally be involved in monitoring and tracking such companies.
