BGC International DMCC Ghana Limited, a precious metal refinery and export firm, as well as its director and chairman, have been charged by state prosecutors for failing to pay over GH21 million in taxes to the state.
According to the prosecution, the Ghana Revenue Authority (GRA) performed a tax audit on the accused defendants and their firm from 2016 to 2018 and discovered a tax due of GH21,948,165.45.
The state's attorney, Rebecca Eduafo-Abraham, an Assistant Revenue Officer, informed the court that the Director only paid GH64,000, leaving a GH21,884, 165.45 responsibility.
She went on to say that a garnishee order placed on the company's bankers only yielded about GH 2,000.
Charges
When they appeared in court last Friday, Akoliya Vinodkumar Maganbhai and Akoliya Visarambhai Naranbhai, the company's Director and Chairman, respectively, pleaded not guilty to failing to pay taxes in violation of Section 80 of the Revenue Administration Act, 2016 (Act 915)
The two defendants were granted bail in the amount of GH 2 million with two sureties, each of whom had to be justified in court by Justice Margaret Welbourne, a Justice of the Court of Appeal acting as a High Court judge.
The defendants must also submit their passports to the court registry as part of their release terms.
The hearing will resume on May 11, 2022.
Tax evasion is alleged to have occurred.
According to Ms Eduafo-Abraham, a tax audit undertaken by GRA officials from 2016 to 2018 revealed a total tax debt of GH21,948,165.45, which included withholding tax, directors PAYE, corporate income tax, and accumulated interest.
"Maganbhai's firm authorized the national security coordinator to pay to the GRA the sum of GH1,070,415.79 for the business's unpaid corporation tax and PAYE in this letter dated February 19, 2020," she stated.
Maganbhai has paid GH 64,000 so far, leaving an outstanding responsibility of GH 21,884,165.45, according to the Assistant Revenue Officer.