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Jubilee Partners finally pay $40.2 million to Government as Corporate Tax

  • SOURCE: | qwesa2big
  • The Jubilee Partners have for the first time paid an amount of $40.2 million to government as corporate tax.

    The failure by the oil companies to pay tax last year generated public outcry, but the partners maintained they had not made profits.

    Some civil society organisations, including the Oil and Gas Platform, have been critical of government over its inability to claim budgeted proceeds from the Oil and Gas sector.

    Speaking to Joy News, a Director at the Finance Ministry, Dr. Alhassan Iddrisu welcomed the payment and said it shows that government was clearing all hurdles limiting the inflow of revenue from Ghana’s oil.

    “The inflow of 40.2 million is a positive indication”, says Dr. Iddrisu.

    He said government is aware of criticisms about the inability of the partners to pay taxes, but attributed that partly to tax reliefs granted them.

    “We have this Capital Allowance that the companies were offsetting their profits on”, and “that ate into the profits”, he added.

    According to Dr. Iddrisu, even though it took a while for the realization of the tax revenue, the delay could partly be blamed on the companies’ inability to make profits.

    Source: Myjoyonline


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