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GRA Wants GCB, Ecobank Sanctioned Over Tax Delays   
 
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16-Mar-2012  
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The Ghana Revenue Authority (GRA) has called on the Bank of Ghana to sanction Ecobank and the Ghana Commercial Bank (GCB) for unduly delaying the transfer of indirect taxes into the Consolidated Fund.

The request follows a report by the financial audit report of the Auditor-General currently before the Public Accounts Committee of Parliament (PAC) which cited the two banks for unduly delaying the transfer of indirect taxes into the Consolidated Fund.

Though the banks by their agreement with stakeholders must ensure taxes collected on goods and services on behalf of the Customs Division of the GRA are transferred into the Fund within three working days on receipt, the two are reported to have exceeded the mandated three days.

“Sometimes the banks deliberately detained the remittances to create the impressions that they have a lot of cash immediately available,” the board chair, E.E Kwessie told Citi Business News.

He also said the claims by the banks that cheques paid by customers took a long period to clear were erroneous.

The report also blamed the GRA and some government agencies’ poor monitoring of transfers into the fund as one of the major causes of the delays.

Mr. Kwessie, however, told CBN new measures have been put in place by the revenue authority to avert the situation.
 
 
Source: Citifmonline
 
 

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