Pressure Mounts ACEP charges banks to pay taxes on withheld Petroleum Revenues

In a statement released by ACEP and copied to Pulse Business, the policy think thank said The Africa Centre for Energy Policy (ACEP)

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Director of ACEP, Dr. Mohammed Amin Adam play

Director of ACEP, Dr. Mohammed Amin Adam

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Civil society organisation, the Africa Centre for Energy Policy  is insisting that the banks that have been reported to have held the country's 83 million in Petroleum revenue to pay taxes.

The Public Accounts Committee of Parliament at its sitting on the 20th of January 2016, revealed that some Banks have withheld an amount of GHS83m for more than three years for reasons yet to be disclosed.

The Africa Centre for Energy Policy (ACEP)is worried about this revelation by the committee.

ACEP has consistently maintained that the transparency and accountability mechanism around the governance of taxes and levies on downstream petroleum sector needs urgent improvement to ensure that taxes and levies are used for the intended purposes for which consumers are made to pay.

In a statement released by ACEP and copied to Pulse Business, the policy think thank said The Africa Centre for Energy Policy (ACEP)

It is instances like this that continue to burden citizens with levies such as TOR debt recovery levy with no definite schedule for repayment. The ministry of finance has over the years violated the legal requirement to account for the receipt from the TOR debt recovery levy to parliament as required by law. TOR Debt Recovery Fund Levy Act 2003

(Act 642) states; “The Minister shall within three months after the end of each financial year, submit a report on the Fund to Parliament.” However the Minister does not complied with such requirement of the law.

Find the full statement released by the Africa Centre for Energy Policy below:

Press Statement- Petrleum Taxes Kept by Banks.pdf 

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