Displaying items by tag: Ghana Revenue Authority

Ghana: Wan Heng Ghana has issued a statement clarifying its position after the Ghana Revenue Authority (GRA) found that it had failed to pay US$60.6m in taxes. The company markets cement from its Tema grinding plant as Sol Cement.

The producer said “We acknowledge that we are indebted to the GRA 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.”

It continued “Sol Cement remains dedicated to its mission of contributing to the growth and development of Ghana. We understand that paying our taxes is an essential part of fulfilling this commitment. We apologise for any concerns or inconveniences this situation may have caused, and we promise to keep all our stakeholders informed throughout this process. 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. We thank you for your understanding and patience during this challenging period. Sol Cement remains committed to being a responsible corporate citizen and a reliable contributor to the Ghanaian economy.

Ghana: The Ghana Revenue Authority (GRA) has shut down Wan Heng Ghana’s 0.5Mt/yr grinding plant in Tema after the company failed to pay US$60.6m in taxes. GhanaWeb reports that the GRA gave the China-based company 10 days in which to pay its taxes, otherwise the closure will continue. Wan Heng Ghana operates in the country using the Sol Cement brand.

Ghana: The Bureau of National Investigations (BNI) and the Ghana Revenue Authority (GRA) have arrested managers of Wan Heng Ghana. The Business and Financial Times newspaper has reported that the cement producer is suspected of neglecting to pay US$43.1m in tax. An investigation showed that the company received sufficient imported clinker to produce US$120m-worth of cement between 2018 and 2021, yet declared only US$19.6m-worth of sales. Management then reportedly refused to cooperate with further investigations, leading to the arrests. Wan Heng Ghana produces Sol brand cement.

The Chamber of Cement Manufacturers Ghana (COCMAG) affirmed its commitment to ensuring fair competition and ethical practices within the cement industry. It represents cement producers in the country, including Wan Heng Ghana.

Ghana: The Ghana Cement Manufacturers Association (GCMA) has praised the Ghana Revenue Authority (GRA) for introducing a Freight on Board (FOB) value of US$60/t for cement, a rise from US$26/t previously. The GRA has been investigating allegations of under-declaration in the cost and freight value for imported bagged cement from China, according to local press.

"We commend the GRA for playing a vital role in this adjustment, and urge its sustenance in order to maximise revenue as well as protect the local cement industry," said George Dawson-Ahmoah, chairman of the GCMA. The GCMA maintains that imported bagged cement into Ghana is unnecessary give the country's surplus of locally manufactured cement. Members of the GCMA include Ghacem Limited, Diamond Cement, Savanna Diamond Cement and Western Diamond Cement.