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The Ghana Revenue Authority (GRA) has locked up a cement manufacturing company, Sol Cement at Tema in the Greater Accra Region for over GH¢700 million tax default.
The Compliance and Enforcement Unit of Authority said the company has failed to make a payment of GH¢709, 686 828.35 covering the period 2019 to 2022 warranting the need to seal off the factory.
Joseph Annan, Assistant Commissioner in charge of compliance, Accra Central Area Office of the GRA led a team to shut down operations at the factory on Monday, October 23,2023.
Mr Annan explained that the enforcement was based on an audit which was conducted which established tax liability of GH¢709, 686 828.35 involving different types of taxes, interests, and penalties.
He said all internal processes were exhausted in a bid to retrieve the amount owed including notices which were served on the company adding that although the company wrote back objecting, they failed to meet the requirements for objection forcing the Domestic Tax Revenue Division to order the shutting down of the facility.
Mr Annan said the company would be given some time to settle the debt however should they fail, a distress action including an auction would be carried out to recover the money owed the state.
He said even though lawyers of the company have intitated an engagement on behalf of management just as the enforcement team arrived at the factory Monday afternoon, he directed them to the Head office of GRA for further discussion.