The tax evasion includes violations related to Value Added Tax (VAT), corporate income tax, and associated penalties, as revealed during a tax audit conducted by the GRA's tax enforcement division.
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GRA shuts down Sol Cement over GH¢700m tax debt
In a decisive move to enforce tax compliance, the Ghana Revenue Authority (GRA) has closed the operations of Sol Cement, a Chinese cement manufacturing company, due to a tax default of over GH¢700 million.
GRA shuts down Sol Cement over GH¢700m tax debt
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Sol Cement, situated in the Tema Industrial Area, has reportedly evaded tax payments for more than two years, and the GRA has issued an ultimatum for the outstanding amount to be settled within ten days.
According to documents obtained by Citi News, the GRA is prepared to use its legal authority, under Section 57 of the Revenue Administration Act 2026 (Act 915), to impose a restraining order on the company's assets to recover the outstanding GH¢709,686,828.53, along with additional costs and charges.
In response to the company's tax default, the GRA has also issued a restraining order to prevent the company's owners and employees from accessing its premises.
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Commissioner Joseph Annan, Accra Area Enforcement Manager of the Ghana Revenue Authority, explained, "The amount is a summary of different types of taxes, interest, and penalties. They even owe a penalty for misleading statements. All internal processes have been exhausted, and all necessary notices have been served, so we have sealed the place. If they are able to mobilize funds to pay, we will open it for them."
Meanwhile, Wan Heng Ghana Limited, the producer of Sol Cement, has acknowledged the tax debt and expressed its commitment to resolving the issue.
In a statement issued on Monday, the company apologized for the situation and assured stakeholders that they are dedicated to addressing the matter responsibly and promptly. They also pledged to collaborate with the relevant tax authorities to develop a structured repayment plan that aligns with their financial capabilities to meet their tax obligations.
This development highlights the Ghanaian government's determination to ensure that businesses meet their tax obligations and contribute to the country's revenue generation.
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