Smarttys Management and Productions Limited, the company that re-branded some 116 buses for Ghc3.6million has reached an agreement with the Attorney General to refund the excess payment by the end of March this year.
A payment schedule submitted by lawyers for Smarttys confirmed that the payments would be made in three installments, with the first installment to be paid by the end of January.
The rebranding of the Metro Mass Transit (MMT) buses using oil funds generated heated controversy in the country leading to the resignation of the Transport Minister Hon. Dzifa Attivor.
The rebranding of the buses, which involved the embossment of the pictures of President John Dramani Mahama and former civilian heads of state and government of Ghana and the painting of the buses in national colours, according to the 2015 annual report on Petroleum Funds, cost GH¢31,000 each.
Meanwhile, the AG has confirmed that the amount to be refunded has been reviewed from GH¢1.9 million to GH¢1,548,608.04.
This is because of the revised VAT position, revised withholding tax position and a set-off of GH¢27,173.74, being over deduction of withholding tax on the original payment.