Chinese cement manufacturing firm, Sol Cement, has acknowledged its indebtedness to the Ghana Revenue Authority for failing to honour its tax obligations.
In a press release sighted by GhanaWeb Business, it said it is committed to resolving the matter in a responsible and timely manner.
It further said relevant tax authorities have been engaged to develop a structured repayment plan that aligns with their financial capabilities and ensure their tax obligations were met.
Sol Cement’s comment comes after the revenue arm of government closed the manufacturing firm for tax default amounting to more than GH¢700 million.
“We acknowledge that we are indebted to the Ghana Revenue Authority for unpaid taxes. We are fully committed to resolving this matter in a responsible and timely manner. We want to reassure our valued customers, stakeholders, and the public that we are taking immediate and proactive steps to address this issue. We are in discussions with relevant tax authorities to develop a structured repayment plan that aligns with our financial capabilities and ensures that our tax obligations are met,” part of the release read
It continued, “We understand that paying our taxes is an essential part of fulfilling this commitment. We apologize for any concerns or inconveniences this situation may have caused.”
The company was cited for the VAT infraction including corporate income tax and penalties after a tax audit was conducted by the GRA tax enforcement.
Sol Cement, located in the Tema Industrial Area failed to pay taxes for more than two years and has been asked to settle the amount within 10 days.
“In pursuant of Section 57 of the Revenue Administration Act 2026, (Act 915) as amended, restraining order will be levied on all distrainable things of your company as specified under section 57 of the Revenue Administration Act 2026, (Act 915) to recover the sum of GHS 709,686,828.53 due and owing by your company to the Authority together with the cost and charges incidental to the order,” the revenue arm of government said.
Source: www.ghanaweb.com