Source: newsthemegh.com
In order for SOL Cement to start up again, the Ghana Revenue Authority (GRA) has ordered that the managers of the company in Tema pay off at least 40% of their outstanding tax obligations.
Due to GH¢709 million in tax defaults, including VAT, the cement firm had to close two weeks ago.
SOL Cement was cited for VAT breaches, corporate income tax, and fines during a tax examination by the GRA’s tax enforcement.
There is a 10-day deadline for the corporation to pay the unpaid taxes, which it has not done for more than two years.
During conversations with the GRA, Kwabena Gyambra, the Commissioner of Domestic Taxes, voiced his displeasure with the alternatives that the company had given. As a result, the closure has persisted.
He further explained, “We will reopen operations once they make a 40% settlement of their liabilities and provide a realistic plan for the remaining amount.”
In the meantime, Ken Ofori-Atta, the minister of finance, went to the factory to learn more about the shutdown.
He emphasized that more talks with the corporation would be held to fix the matter, even if he acknowledged the GRA’s move as part of measures to increase the nation’s revenue.
Wan Heng Ghana Limited, a manufacturer of Sol Cement, recognized its inability to pay taxes to the Ghana Revenue Authority after the shutdown and pledged to fulfill its due as soon as possible.
On Monday, October 23, 2023, the company’s management released the following statement: “We would like to discuss the recent news regarding the closure of Wan Heng Ghana Limited (producers of Sol Cement) and its outstanding tax liabilities to the Ghana Revenue Authority.”
“As a leading cement manufacturing company, we understand the importance of our financial responsibilities and the impact they have on our nation’s development” , remarked Wan Heng Ghana Limited.
“We acknowledge that we are indebted to the Ghana Revenue Authority for unpaid taxes” , it stated.
It continued: “We are fully committed to resolving this matter in a responsible and timely manner” .
“We want to reassure the public, stakeholders, and our esteemed customers that we are addressing this issue head-on and in a proactive manner. In order to create a structured payback plan that fits within our means and guarantees that our tax duties are fulfilled, we are currently in communication with the appropriate tax authorities.”
SOL Cement, according to the management, “remains dedicated to its mission of contributing to the growth and development of Ghana”.
“We recognize that meeting this obligation requires us to pay our taxes. We pledge to keep all of our stakeholders updated during this process and sincerely apologize for any worries or inconveniences this situation may have created.
“We appreciate the trust and support that our customers and partners have placed in us over the years, and we are determined to rectify this situation while continuing to provide top-quality cement products and services” , it stated.
“We appreciate your patience and understanding during this trying time. According to the statement, Sol Cement is still dedicated to upholding corporate social responsibility and making a consistent contribution to the Ghanaian economy.