Home Business BGC International DMCC Ghana Limited to reconcile figures with GRA

BGC International DMCC Ghana Limited to reconcile figures with GRA

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Rev Ammishaddai Owusu Amoah
Rev Ammishaddai Owusu Amoah

A Tax Court hearing a tax evasion charge against Mr Akoliya Vinodkumar Maganbhai and Akoliya Visarambhai Naranbhai, Director and Chairman, respectively of BGC International DMCC Ghana Limited, has adjourned to January 26, 2023.

The adjournment was to enable the parties involved, the BGC International DMCC Ghana Limited and the Ghana Revenue Authority (GRA) to reconcile the amount presented to the court.

Lawyers for the accused persons told the Court that they were ready to reconcile with the Authority on the amount and prayed the Court to ungarnished order served on the bankers of the Company.

The Counsel earlier told the Court that they were opposed to the GHS21,948,165.45 quoted in the charge sheet as the amount of tax owed the state, hence the reconciliation.

Meanwhile, earlier the Court granted a one million Ghana Cedis bail to the accused persons.
The bail term is accompanied by two sureties, one to be justified. They are to deposit their passport with the Registrar of the court.

The Court urged the parties to work together in finding an amicable solution, adding that reconciliation sometimes reduces tax liabilities on the Company.

A Tax audit conducted by officers of GRA on BGC International DMCC Ghana Limited, a precious mineral refiner and exporter, for the period 2016 to 2018 established a total tax liability of GHS21,948,165.45.

The tax liability was made up of withholding tax, Directors PAYE, Corporate income tax and accrued interest.
Madam Rebecca Edufo-Abraham, an Assistant Revenue Officer previously told the Court that the Company in a letter dated February 19, 2020, authorized the national security coordinator to pay to the GRA the sum of GHS1,070,415.79 for the company’s outstanding corporate tax and PAYE

She said the Company had so far paid an amount of GHS64,000.00, leaving an outstanding balance of GHS21,884,165.45. A garnishee order served on the bankers of the Company yielded just over GHS2,000.00

The Assistant Revenue Officer said several demands were made on the accused persons to get the company to pay the outstanding tax but the accused persons have failed to honour their obligations to the State.

“The accused persons were consequently served with criminal summons to appear before the Court to answer the charge preferred against them,” she said.

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