Thursday, 19 July 2018 21:56

NPA to get tough on tax evading OMCs

Petrol tankers waiting to load at NNPC depot

The National Petroleum Authority is to get tough on Oil Marketing Companies (OMCs) who indulge in suspicious tax evading activities. In this regard, the Authority will be working with the Ghana Revenue Authority (GRA) to ensure OMCs who under declare their liftings are sanctioned. Presenting the mid-year review of the 2018 budget in Parliament, Minister of Finance, Ken Ofori Attah, said the collaboration between the two state agencies is to address  misreporting  in oil lifting by some OMC’s. 

He said an audit into the operations of most of the companies establish a disturbing situation of under-declaration by some of the Oil Marketing Companies. He said “recent audits by the GRA has established that some Oil Marketing Companies (OMCs) have been under-declaring liftings. He said the two agencies have developed a common platform to “report on oil lifting. With this development it will be possible to detect if the OMCs understate their oil lifting from the depots and tanks.” “Severe action including imposition of penalties and prosecutions will be initiated to collect all outstanding taxes," Mr. Ofori-Atta said. In a related development, the Authority has given indication it will not relent

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