Business News of Wednesday, 28 November 2018
The Petroleum Commission has announced the institution of measures to make it difficult for players in the petroleum industry to concoct figures and present same as their in-country spending.
The practice has very negative effects on the country’s petroleum revenue and local content benefits, according to Ghana’s upstream oil and gas regulator.
Costs Audit Department
The proposed measures, implementation of which led to the establishment of the Costs Audit Department of the Commission, will from the beginning of January next year, scrutinize industry activities of operators and contractors whose costs are charged against the country’s petroleum revenues.
The Commission cautioned that through this same Costs Audit Department, it would liaise with the Ghana Revenue Authority (GRA) to ensure that perpetrators are exposed and made to pay their due taxes.
The Ag. Chief Executive Officer of the Petroleum Commission, Mr Egbert Faibille Jnr., made the disclosure at the 4th Local Content Conference and Exhibition organised by the Commission in Takoradi.