Business News of Wednesday, 26 July 2017
The National Communications Backbone Company (NCBC), a subsidiary of Vodafone, has paid 30% of its debt to the Ghana Revenue Authority (GRA).
Officials of the GRA confirmed this to Citi Business News.
“The National Communications Backbone Company raised issues concerning the tax audit that was conducted and in conformity with the tax law, they were required to pay 30% of the liability. Per our calculation, the thirty percent by amounts to about 9 million Ghana cedis. They have honored the 30%,” the Head of the Task Force division of the GRA, Henry Bradford Sam confirmed to Citi Business News.
NCBC defaulted in paying its capital gains tax amounting to over nine million Ghana Cedis.
This compelled the GRA to serve the company a distress order in June this year, in addition to a warning to sell the company’s assets within fourteen days, if the arrears are not cleared.
But Mr. Bradford Sam said NCBC has settled 30% of the debt.
He, however, says the GRA has moved onto the next stage as to the specific amount payable to the GRA by NCBC.
“We have moved to the next phase which is to reconcile with them the issue concerning the capital allowance and withholding taxes that occasion the liability. When the review is done, we will then have to inform them of our tax decision. The amount may go up or it may come down or even remain the same, but not until we are able to consider all our issues during the review” she added.