Government to conduct specialized audit on extractive companies

The government of Ghana has indicated plans to conduct special audit of oil, gas and mining companies in its attempt to shore domestic revenues.

In this vein, local and multinational enterprises in Mining, Oil and Gas sector will be audited to detect issues of transfer-mispricing and tax evasion, which contributes to a lower than expected Tax-to-GDP ratio.

This is contained in the mid – year fiscal policy review of the 2018 budget statement and economic policy,read by Hon. Ken Ofori-Atta on Thursday 19 July 2018.

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We recall the Vice President’s, strong indication in May this year on government stance to reject instances where mining companies declare no profit yet engage in active production to avoid paying dividend to the government.

Dr. Bawumia expressed disquiet about the development disclosed that mining companies operating in the country have since 2012 refused to pay dividend to the government, stating that they made no significant profit.