Ghana Community Network Services Limited (GCNet) has presented an interim dividend of GH?4million to government for the 2013 financial year.
The payment was in respect to government?s equity stake in GCNet, which is held by the Ghana Revenue Authority (GRA).
The dividend payment brings the total dividends paid to government through the GRA to GH?67million over the past decade.
Besides the GRA, government has also received indirect dividends through payments made to the Ghana Shippers? Authority (GH?2million) and Ghana Commercial Bank (GH?1million) from GCNet?s 2013 operations.
Mr. Emmanuel Darko, the Deputy Managing Director of GCNet, presenting the cheque to Deputy Finance Minister Cassiel Ato Forson, observed that the 2013 interim dividend payment is lower in comparison with dividend payments made in previous years due largely to investment in the systems of the GRA and Registrar-General?s Department.
GCNet has invested about US$25million into automating the Domestic Tax Revenue Division (DTRD) of the GRA and the Registrar-General?s Department.
Mr. Darko said completion of the GRA automation project and the expected full roll-out of the system in 2014, especially to the Large Taxpayer Offices (LTOs), will greatly enhance the efficiency of domestic tax collection by the GRA.
He pledged GCNet?s support toward government?s revenue mobilisation efforts, in pursuit of which GCNet will also deploy enhanced modules to the Ghana Customs Management System in the course of the year.
Mr. Cassiel Forson on his part expressed regret that some state-owned enterprises and public-private partnerships often perform below expectation. He therefore congratulated GCNet for being alive to its responsibilities and making regular dividend payments to government.
He also stated that close monitoring is needed to ensure that the revenue target of GH?57million set in the 2014 budget as non-tax dividend contributions from state-owned firms and public-private partnerships is met.
