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Public Interest and Accountability Committee (PIAC) kicks against Self Assessment by IOC’s

The Public Interest and Accountability Committee, PIAC is kicking against self assessment on surface rentals by International Oil Organizations, IOC’s.

Representative of the Ghana Bar Association on PIAC, Dr Thomas Kojo Stephens says the current situation where oil companies assess themselves on surface rentals is likely to be skewed in their favor as there is evidence to already show that most of the International Oil companies are not honoring their surface rentals.

Dr Stephens was speaking on ‘monitoring and compliance of Oil and Gas revenue Laws’ to a team of Journalists on the 2nd day of a 10 day training on ‘enhancing the role of the media in promoting oil and gas sector transparency and accountability’.

SELF ASSESSMENT BY THE GHANA REVENUE AUTHORITY

Under the New Tax Law, Act 896 the Ghana Revenue Authority is pushing for all categories of Tax payers from Small, Medium and Large tax payers to do their self-assessment. This they believe will lessen the burden of the authority and also promote transparency. In spite of this move by the GRA, PIAC still believes it is dangerous to allow oil companies to self-assess on surface rentals.

They want the GRA to build capacity enough to carry out its own assessment

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