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9 Oil firms owe govt $721m

  • POSTED ON: November 7, 2017
  • SOURCE: B&FT
  • CATEGORY:

Minister of Finance, Ken Ofori-Atta says a report by Ghana Revenue Authority (GRA) reveals that nine out of 16 companies in the oil and gas sector failed to pay a total of $721 million in surface rentals to government last year alone.

He said the default means a 61% drop in expected revenue from the sector.
Ofori-Atta made this known on the sidelines during the opening ceremony of the 38th Commonwealth Association of Tax Administrators’ (CATA) Annual Technical Conference in Accra.
Speaking at the opening of the conference, he urged Commonwealth tax administrations to use technology to enhance revenue administration, and thereby improve revenue mobilisation.
The conference was to explore the use of technology to improve revenue administration.
CATA exists principally to help members build and improve tax administrations through organisation of conferences, offering training programmes to build the capacity of staff, publications and knowledge sharing.
He pledged that the Ministry of Finance will continue to support GRA to achieve the desired outcomes from programmes such as CATA conference, especially when modernisation and reforms are concerned.
Chairperson of CATA, Sudhmo Lal indicated that the conference is an opportune time for tax administrators to catch up with how best information technology may be utilised to transform the various functions of their respective administration.
He said the theme of the conference, which is ‘Leveraging Technology to Enhance Revenue Administrations’, itself shows that CATA is at the heart of the current and future wellbeing of its members.
In his welcome address, the Commissioner-General of GRA, Emmanuel Kofi Nti, said it was time developing Commonwealth countries achieved most from their tax administrations to reduce, if not completely stop, their dependence on developed nations.
He stated that Commonwealth owes it a duty to pass on to the future generations a more robust, functional, progressive and result-driven organisation.
GRA, and for that matter Ghana, he noted, is very much at home with CATA’s mission of helping members to develop effective tax administrations that promote sustainable development and good governance.
“This is because this is very much in tandem with the modernisation efforts of GRA,” he explained.

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