The Commissioner General of the Ghana Revenue Authority (GRA), Rev. Ammishaddai Owusu-Amoah, has announced that the authority has implemented measures to curb tax defaults by Oil Marketing Companies (OMCs).
This decision comes in response to findings in the 2022 Auditor General’s report, revealing that 18 OMCs collectively owed over GH¢3 million in taxes.
Rev. Owusu-Amoah emphasized that, while the Authority is pursuing legal action to recover these taxes, preventive measures have been instituted.
“Some of the measures that we have put in place, Mr. Chairman, is that now previously we had all insurance companies being able to provide bonds for OMCs. Today we have done our appraisal of insurance companies, and today we have only eight insurance companies. We have also done appraisals of insurance companies, giving them limits.”
“So we have looked at their balance sheets and determined how much they can provide, they can guarantee in terms of individual bonds, in terms of overall bonds. And then we have also asked the rest to go to banks for guarantees. We have also implemented a system where as soon as you fail, the system blocks you,” he added.
