GRA shuts down Sol Cement factory over GH¢700m tax default

The Ghana Revenue Authority (GRA) taskforce has shut down the Sol Cement factory over a GH¢700 million tax default.

The taxes were accumulated between 2019 and 2022 was discovered after the GRA conducted a tax compliance audit on the company during the period.

Mr. Joseph Annan, GRA Area Enforcement Manager for the Greater Accra Region, said the Authority had to shut down the company after other alternatives had been utilised and exhausted.

He said the default included non-payment of different types of taxes, interest, penalties for misleading statements, and value-added tax (VAT).

He said the company had initially objected to the audit, but the requirement for objection was not met, so it was rejected.

The closure, he said, was one of the three major punitive measures the Authority could use to compel the company to settle its debts.

He said if the company failed to settle the debts within the restraining period the Authority had given them, the facilities of the company could be auctioned in accordance with Section 54 of the Revenue Administration Act 2016 (Act 915).

The closure of the company is in accordance with Section 57 of the Revenue Administration Act of 2016.

Officials of the company declined to comment on the closure.

Source: GNA