The Ghana Revenue Authority (GRA) has revealed that ten state institutions, including the Ghana Airports Company Limited (GACL) and the Electricity Company of Ghana (ECG), owe over GH¢1 billion in unpaid taxes.
This shocking revelation came to light when GRA officials appeared before the Public Accounts Committee on Monday, July 29.
The committee expressed concerns about the viability of some of these entities, particularly the Tema Oil Refinery (TOR), which may struggle to settle their debts.
While some institutions, such as GACL and Graphic Corporation, have expressed their intention to pay their taxes once their cash flow improves, others remain uncertain.
The GRA representative acknowledged that some state agencies face cash flow challenges, hindering their ability to fulfill their tax obligations.
In response, the Minister of State at the Finance Ministry, Abena Osei Asare, suggested considering writing off the debts of companies unlikely to pay their taxes.
This would involve seeking parliamentary approval after exhausting all avenues to collect the monies.
The GRA’s revelation highlights the challenges faced by state institutions in meeting their tax obligations, which can have far-reaching implications for the country’s revenue generation and economic development.
The government must take decisive action to address these challenges, exploring options such as debt write-offs or restructuring to ensure that these institutions can fulfill their tax obligations and contribute to the country’s economic growth.
