|DATABANK: UPDATE ON GRA MATTER|
We have the greatest pleasure in informing our clients that by the grace of God, the Ghana Revenue Authority (GRA) has finally responded to the numerous letters from our tax consultant raising legal objections to the penalty imposed on us.
In that letter, the Commissioner-General has stated that the GRA agrees with our tax consultant’s legal position. The Commissioner-General also added an apology to Databank for any embarrassment the actions of the GRA may have caused us. Please be informed that the GRA also earlier returned the payment that we made to them on the 18th of September, 2014.
The situation is therefore now clarified regarding our obligations during the period spanning 2004 to 2009, which was the subject of the special audit. With the help of the Ghana Securities Industry Association (GSIA), we will work to obtain some precision on the way forward for our industry regarding the impact of the current VAT law on our operations and clients.
Databank will work with the GSIA to achieve this clarity and we shall keep you posted accordingly.