Saturday, January 28, 2023
HomeLocal NewsOver $93m, ¢421m tax revenue retrieved from multinational, indigenous firms - GRA

Over $93m, ¢421m tax revenue retrieved from multinational, indigenous firms – GRA

Dr. Ammishaddai Owusu-Amoah

The Ghana Revenue Authority has retrieved over $93 million and ¢421 million from multinational and local companies operating in the country through its ‘Informants Reward Scheme’.

These were hitherto taxes that the country could have been lost as a result of the firms’ unwillingness to pay their taxes until the intervention of these informants, who used the Informant Application System to draw the attention of the GRA.

The respective informants have thus been rewarded handsomely for the initiative.

Speaking to Journalists on the revival campaign of the GRA ‘Informants Reward Scheme’, Acting Head of Intelligence at the GRA, Wisdom Xetor, said this is an indication that the ‘Informant Reward Scheme’ is effective and must be encouraged among citizens.

“We have recovered more than ¢421 million cedis as well as $93 million so far even before the year could end. So I think the scheme is yielding results and many are providing information that is leading to the recovery of these taxes that could have been lost if this avenue was not provided for them to get information to us about the improprieties relating to tax payments in the country” he said.

The Informant Award Scheme is a means of rewarding individuals, entities or organisations who offers information to the GRA on individuals or companies evading taxes.  This information is relied upon to enforce compliance with the tax laws.

Explaining the terms and amounts paid to the informants, Mr. Xetor noted “informants whose information lead to recovery below ¢2.5 million would be paid 25% of interest or penalties capped at ¢25,000”.

Where the amount exceeds ¢2.5 million, they would receive one percent of total collections capped up to 250,000.

Also in the situation where the amount recovered exceeds ¢25 million, the top management in consultation with the board determines the amount to be paid.

But in the event where there are no penalties and interest and the amount recovered is less than ¢2.5 million, a flat payment of between ¢5,000 to ¢25,000 will be paid as Commissioner-General deems fit. Mr. Xetor added that the GRA treats the security of its informant very confidential.

The GRA is hopeful that this policy will motivate many volunteers to provide information that will lead to the recovery of more taxes for the state.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Abdullah Anaman
Abdullah Anaman
I am a highly competent IT professional with a proven track record in designing websites, building apps etc. I have strong technical skills as well as excellent interpersonal skills, enabling me to interact with a wide range of clients.


Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Most Popular

Recent Comments