GCNet presents GH¢2 million dividend to Government

Accra, July 11, GNA - GCNet (Ghana Community Network Services Limited) has presented a cheque for GH¢2 million to the Ministry of Finance and Economic Planning as dividend to government.

The amount represents the 2010 dividend payment due to Government through the shareholding held by the Ghana Revenue Authority (GRA) in

GCNet.
This latest dividend payment made on 21st June brings the total dividend to Government through the GRA shareholding to nearly GH¢ 20 million.

Presenting the dividend to the Minister of Finance and Economic Planning, Dr Kwabena Duffour, the Executive Chairman of GCNet, Mr. Nortey Omaboe, said besides the GRA dividend, Government also had additional payment through shareholdings by the Ghana Shippers' Authority and the Ghana Commercial Bank in GCNet.

This, he said, had brought the total dividend received by Government for 2010 to GH¢ 3.5 million.

Mr. Omaboe outlined measures that GCNet was undertaking to support the Government's revenue mobilization. These include the on-going automation of the Domestic Tax Revenue Division of the GRA and the introduction of the Customs Valuation Assurance Programme (VAP) last year.

He said the VAP since its introduction had been a resounding success and contributed in helping GRA (Customs Division) to meet its 2010 revenue targets and to be on course for its 2011 revenue targets.

Dr Kwabena Duffour expressed appreciation for GCNet's contribution towards Government's revenue mobilization efforts, adding that strong revenue mobilization was critical for good economic performance and achievement of various macro-economic targets.

He urged GCNet to re-double its efforts in ensuring that it deployed systems that helped to realize record revenue performance.

Besides, the Minister asked GCNet to make concrete suggestions that would help to plug all revenue loopholes.

He said earlier suggestions made by GCNet, especially in the area of Customs Warehousing and the granting of Permits had been used in the preparation of the 2011 Budget and called for GCNet's early deployment of the proposed Ghana Integrated Cargo Clearance System (GICCS), which is expected to enhance the seamless paperless trade and customs regime from the cargo manifest stage through the issuance of permits, exemptions and tax payments.

GNA