GRA Retrieves over 93m dollar Revenue through Informants Scheme

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GRA Retrieves over 93m dollar Revenue through Informants Scheme

The Ghana Revenue Authority has recovered in excess of US$ 93 million and an additional ¢421million from multinational and local companies operating in the country through its informants’ reward scheme.

These were ordinarily taxes which the state could have lost as a result of the firms’ unwillingness to pay until the intervention of informants, who used the Informant Application System to draw the Authority’s attention.

The respective informants have been rewarded handsomely for their initiative.

Speaking to journalists on the revival campaign for the GRA informants reward scheme, Acting Head of Intelligence at the GRA, Wisdom Xetor, noted this is an indication that the Informant Reward Scheme is effective and must be encouraged among citizens.

“We have recovered more than ¢421million as well as 98million dollars so far, even before the year could end. So I think the scheme is yielding results, and many are providing information that is leading to recovery of these taxes which could have been lost if this avenue were not provided for them to give information to us about the improprieties relating to tax payments in the country,” he said.

The Informant Award Scheme is a means of rewarding individuals, entities or organizations which offer information to the GRA about persons or companies who commit offences under the tax laws of Ghana.

See Also: Money Laundering: EOCO Probing 1.8bn dollars Transferred Abroad for Imports

This information is relied upon to enforce compliance with tax laws.

It is also often relied upon to determine whether a person is registrable as a taxpayer, whether a taxpayer files his tax returns, or whether the correct amount of tax has been declared and paid, etc.

Explaining the terms and amounts paid to informants, Xetor noted informants whose information leads to recovery below ¢2.5million will be paid 25 percent of interest or penalties, capped at ¢25,000.

Where the amount exceeds ¢2.5million, the informant will be paid a one percent of total collections capped at up to ¢250,000.

Also, in a situation where the amount recovered exceeds ¢25million, top management in consultation with the board determine the amount to be paid.

Read Also: Illicit Financial Flow: Ghana loses Billions of Dollars Annually

But in the event that there are no penalties and interest and the amount recovered is less than ¢2.5million, a flat payment of between ¢5,000 to ¢25,000 will be paid as the Commissioner-General deems fit.

The GRA is hopeful many citizens will volunteer information that leads to the recovery of more taxes for the state.

Source: Ghanaweb

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