Recover GH200m from OMCs, revoking licenses alone not enough – COPEC

Duncan Amoah is the Executive Secretary of COPEC
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The Chamber of Petroleum Consumers Ghana, (COPEC) has called on the National Petroleum Authority (NPA) and the Ghana Revenue Authority (GRA) to go after some 28 oil marketing companies (OMCs) who have allegedly evaded taxes to the tune of over 200 million cedis.

The details were captured in the 2020 auditor general’s report which reveals the OMCs failed to pay some 226 million cedis taxes on petroleum products they lifted from the Tema Oil Refinery (TOR) between July 2018 to December 2019.

Speaking to 3FM, Executive secretary of COPEC, Duncan Amoah expressed concerns over attempts by the NPA to close down the companies instead of retrieving the moneys.

 “These companies were set up only to take advantage of a loophole in the system to enrich a few individuals.

“It is our hope that the NPA, together with GRA will unveil these beneficiary owners , go after them recoup  and recover whatever moneys  lost to the state .Just revoking licenses  for people who have probably ran away  with over 200million , we cannot agree.

“We think that we should be able to recover the money. Because  the person behind these OMCs are known per the registration.”

The Auditor General ‘s report noted that “We noted that the Governing Board approved a payment of Ten million Ghana Cedis (GH¢10,000,000.00) to the Government without any document from the Minister approving a dividend policy upon which the Board made the provision. We recommended that the Authority should ensure compliance with the Regulations of L.I. 2378 whiles seeking approval from the Ministry of Finance and or Parliament for the retention of funds.

Report of the Auditor General on the Public Accounts of Ghana – Public Boards, Corporations and Other Statutory Institutions for the year ended 31 December 2020.

 “We noted that receivables from Oil Marketing Companies and Liquified Petroleum Gas Marketing Companies totaling GH¢14,702,905.29 were outstanding in the books for more than 120 days instead of 10 days provided in the Policy of the Fund.

“We recommended that Management should ensure the timely vetting of monthly returns within 15 days as per the policy. Management should ensure that payments are received from OMCs within 10 days as per the credit policy.”

Source: 3news.com|Ghana