The Public Interest and Accountability Committee has revealed that the Ghana Revenue Authority and the Finance Ministry have been unable to provide accurate information on the non-payment of the Capital Gains Tax.
This is from the sale of the 7% interest by Anadarko in the Jubilee and TEN Fields in 2022.
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Read full article.release by PIAC on its semi-annual report on September 27, 2022 said “Contrary to Section 6(e) of the Petroleum Revenue Management Act, 2011 (Act 815), Capital Gains Tax was not assessed and collected by the Ghana Revenue Authority in the sale of the 7% interest by Anadarko in the Jubilee and TEN Fields in 2021.”
But in a “written response to PIAC on the matter, the Ghana Revenue Authority referred the Committee to the Ministry of Finance indicating that the Ministry was exclusively in charge of the transaction.
“The Ministry of Finance, in turn, referred the Committee to the Ghana Revenue Authority for answers,” it said.
PIAC also noted that Ghana made a total of over $731.94 million from oil production in the first half of 2022 from the three fields namely, Jubilee, TEN, and Sankofa Gye Nyame.
This was made up of royalties, tax payments, and surface rentals.
Read PIAC's semi-annual report and highlights below:
Prof. Kwame Adom Frimpong, PIAC Chair
