Economy

Over US$93m tax revenue retrieved through informants’ scheme

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The Ghana Revenue Authority has recovered in excess of 93 million dollars and additional 421 million cedis from multinational and local companies operating in the country through its informants’ reward scheme.

These were hitherto taxes that the State could have lost as a result of the firm’s unwillingness to pay until the intervention of these informants who used the Informant Application system to draw the attention of the Authority.

The respective informants have been rewarded handsomely for the initiative.

Speaking to Journalists on the revival campaign for the GRA informants reward scheme, Acting Head of Intelligence at the Ghana Revenue Authority, Wisdom Xetor noted that this is an indication that the Informant Reward Scheme is effective and must be encouraged among citizens.

“We have recovered more than 421 million cedis as well as 98 million dollars so far even before the year could end, so I think the scheme is yielding results and many are providing information that is leading to recovery of these taxes that could have been lost if this avenue is not provided for them to give information to us about the improprieties relating to tax payments in the country,” he said.

The Informant award scheme is a means of awarding individuals, entities or organizations who offers information to the Ghana Revenue Authority (GRA) on persons who commit offences or companies under the tax laws of Ghana. 

This Information is relied upon to enforce compliance with the tax laws.

This information is often relied upon to determine whether a person is registrable as a taxpayer, whether a taxpayer files his tax returns or, whether the correct amount of tax has been declared and paid etc.

Explaining the terms and amounts paid to informants, Mr. Xetor noted “Informants whose information led to recovery below Gh¢2,500,000 be paid 25% of interest or penalties capped at Gh¢25,000.

Where the amount exceeds Gh¢2,500,000 a one percent (1%) of total collections capped at up to Gh¢250,000.

Also, in the situation where the amount recovered exceeds Twenty-Five Million (Gh¢25,000,000), top management in consultation with the board determine the amount to be paid.

But in the event where there are no penalties and interest and the amount recovered is less than (Gh¢5,000 to Gh¢25,000 will be paid as Commissioner-General deems fit”. He also added that the GRA treats the security of its informant very confidential.

The GRA is hopeful that many will volunteer information that will lead to the recovery of more taxes for the state.

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