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18.11.2006 Business & Finance

About a dozen Tema companies owe 12 billion in tax

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The Internal Revenue Service (IRS) on Friday said 11 companies operating in the Tema Municipality owed it outstanding tax arrears to the tune of about 12 billion cedis for the period 2003 to 2006.

Mr Theophilus Gaskin, Principal Inspector of Tax, who said this during one of the IRS' regular distress actions to enforce compliance, said it would clamp down on all the defaulters to retrieve the money.

Some of the companies that owe tax arrears are Traffix Limited,351.69 million cedis; Consolidated Shipping Limited, 89.737 million cedis; Ghana Dock Labour Company, 3.777 billion cedis; PSC Shipping Yard, 379 million cedis; Gelloq Company, 3.770 billion cedis and Speedline Stevedoring Company Limited, 1.816 billion cedis.

The rest are Thompson Obimpeh,79.182 million cedis; Kash Forex Bureau, 178.316 million cedis; International School of Aviation, 45.51 million cedis; Tema Regular Baptist Church owed 254.5 million cedis in Pay As You Earn; Seven Heaven owed 34.631 million cedis; Décor Limited, 126.853 million cedis and Safco Engineering Company Limited, 1.422 billion cedis.

In another exercise in Accra, IRS closed down Cape Trading Company Limited, alcoholic beverage dealers, for defaulting in the payment of 807.014 million cedis.

According to Mr Gaskin, the amount included a penalty of 150 million cedis as the Company issued a cheque to defray the debt but later instructed the bank not to honour payment.

The Ghana Dock Labour Company Limited was also closed down after fierce resistance from the operators but PSC Shipping Yard issued a cheque to pay the debt.