120,000 Companies evade tax

Business News of Friday, 18 December 2015

Source: Graphic.com.gh

George Blankson GRAGeorge Blankson, GRA boss

More than 120,000 companies have been found by the Economic and Organised Crime Office (EOCO) to have evaded taxes.

The list of the defaulting companies which has been made available to the Ghana Revenue Authority (GRA), include small, medium and large-scale companies.

The acting executive director of EOCO, Justice A. Y. Tsar, made this known when the GRA presented office equipment to his outfit to support the work of the organisation in Accra.

The items included two multipurpose printers, lap tops, desk top computers, stabilisers and other accessories.

The donation was in response to a request by EOCO.

Speaking to journalists after the presentation, Mr Tsar said culprits included companies which had registered with the Registrar General’s Department as businesses but failed to register with the GRA.

The practice, he said, meant the companies were not honouring their tax obligations leading to loss of revenue to the state.

He said the nationwide exercise was not only aimed at collecting data but also ensuring the compliance with all tax obligations.

Mr. Tsar said the EOCO had over the years, assisted the GRA in its revenue mobilisation drive.

The Commissioner General of GRA, Mr George Blankson said the donation was part of the Authority’s collaboration with some government institutions.

He said over the years, the EOCO had been supportive of the revenue mobilisation efforts, the recovery of tax debt and enforcement exercises.

Mr Blankson said the list of unregistered companies was being examined to ensure they paid their taxes since every business entity is required to register with the GRA.