Home   >   Business   >   Business News   >   201807
Suspension of BDCs For Tax Evasion Misleading - CBOD   
  << Prev  |  Next >>
Comments ( 0 )     Email    Print
Related Stories
The Ghana Chamber of Bulk Oil Distributors (CBOD) has described as inaccurate and unintendedly misleading, the statement by the National Petroleum Authority (NPA) that it has suspended two of its members for tax evasion.

In a press statement, CBOD said the BDCs do not collect petroleum taxes or pay petroleum taxes in the petroleum tax administration process.
It said the press release by the NPA "identifies two of our members, Misyl Energy Co. Ltd and Globex Energy Co. Ltd as tax evasion culprits. This we respectfully believe is inaccurate and unintendedly misleading."

"The BDCs mentioned in the NPA release have not been sanctioned for tax evasion but rather for under-declaring their fuel sales volumes to the NPA. An action which is considered a breach of the NPA Act, 2005, (ACT691) as well as the terms and conditions governing their licenses., Misyl Energy Co. Ltd and Globex Energy Co. Ltd"

"BDCs do not collect petroleum taxes or pay petroleum taxes in the petroleum tax administration process. This function is the sole preserve of Oil Marketing Companies (OMCs). The taxes are to be paid by OMCs after reconciliation with the GRA subject to agreed payment terms," the statement added.

The CBOD added that even though it acknowledges and supports interventions by the NPA and government agencies to address the menace of petroleum tax evasion that continues to bedevil the industry, the reason for their suspension is erroneous.

The NPA on Tuesday announced that it has suspended five Bulk Oil Distributors (BDCs) and three Oil Marketing Companies for engaging in activities leading to loss of tax revenue to the government.

The BDCs, whose one-month suspension began on July 18, 2018 are Union oil Ghana Limited, Agapet Limited, Excel Oil Company Limited, Misyl Energy Company Limited and Globex Energy Company Limited.

The OMCs are, Petro Afrique Company Limited, Life Petroleum Company Limited and Unique Company Limited.
As part of their suspension, they are not to engage in the sale, supply, transportation, discharge and receipt of petroleum products for those periods.
Source: Daily Graphic

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video