Pulse.com.gh logo

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)

  • Published: , Refreshed:
Director of ACEP, Dr. Mohammed Amin Adam play

Director of ACEP, Dr. Mohammed Amin Adam

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 

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Nana Appiah Mensah Social media ‘exposes’ NAM1 for fake Menzgold UK launchbullet
2 Nana Appiah Mensah Joy FM’s Israel Laryea is stupid and retarded – NAM1bullet
3 Menzgold Saga Why the fall of Menzgold spells the collapse of...bullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
6 Nana Appiah Mensah Focus on how to best manage Menzgold saga –...bullet
7 Nana Appiah Mensah Business isn’t for the pope – NAM1bullet
8 Salaries In 2018 Here are the dates public workers will be...bullet
9 Poor Network Irate AirtelTigo customers besiege offices...bullet
10 Banking In Ghana Ghanaian bank staff want to quit over...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
3 Former Capital Bank staff grills pork for survivalbullet
4 Support Finance minister buys Kantanka carbullet
5 Selorm Adadevoh MTN CEO dances Agbadzabullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 New Discovery Ghana discovers new mineral, lithium in...bullet
8 Money Alert Meet Africa's richest womanbullet
9 Tech 6 reasons you should buy an iPhone SE instead of...bullet
10 Bozoma Saint John 10 quotes from Uber top official,...bullet