Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Jubilee Partners finally pay $40.2 million to Government as Corporate Tax

  • SOURCE: | Editor
  • The Jubilee Partners have for the first time paid an amount of $40.2 million to government as corporate tax.

    The failure by the oil companies to pay tax last year generated public outcry, but the partners maintained they had not made profits.

    Some civil society organisations, including the Oil and Gas Platform, have been critical of government over its inability to claim budgeted proceeds from the Oil and Gas sector.

    Speaking to Joy News, a Director at the Finance Ministry, Dr. Alhassan Iddrisu welcomed the payment and said it shows that government was clearing all hurdles limiting the inflow of revenue from Ghana’s oil.

    “The inflow of 40.2 million is a positive indication”, says Dr. Iddrisu.

    He said government is aware of criticisms about the inability of the partners to pay taxes, but attributed that partly to tax reliefs granted them.

    “We have this Capital Allowance that the companies were offsetting their profits on”, and “that ate into the profits”, he added.

    According to Dr. Iddrisu, even though it took a while for the realization of the tax revenue, the delay could partly be blamed on the companies’ inability to make profits.

    Source: Myjoyonline

     

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do you think the President should fund the free SHS with oil revenue?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Jul 2018 >>
    MTWTFSS
    25 26 27 28 29 30 1
    2 3 4 5 6 7 8
    9 10 11 12 13 14 15
    16 17 18 19 20 21 22
    23 24 25 26 27 28 29
    30 31 1 2 3 4 5
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar