A joint collaboration between the Bureau of National Investigations (BNI) and the Ghana Revenue Authority (GRA) has resulted in the arrest of executives of Wan Heng Ghana Limited, a Chinese-owned cement manufacturing company.
The company’s managers were taken into custody due to alleged tax violations amounting to ¢500 million.
This follows a tip-off from the Tema Medium Taxpayer Office of the GRA, as officials noticed discrepancies in monthly filings for the National Health Insurance Levy (NHIL) and Ghana Education Trust (GET) Fund.
A subsequent joint operation revealed that the police and military personnel tried to gather additional evidence from Wan Heng Ghana Ltd. – known for manufacturing Sol Cement; but the company’s management refused to cooperate with authorities investigating alleged tax evasion. This led to to their detention by the military personnel.
The authorities so locked up the premises pending an outcome of the ongoing probe.
Documents obtained from the GRA indicate that Wan Heng Ghana Ltd., between 2018 and 2021, evaded approximately ¢500million in Value Added Tax (VAT) and income tax payments alone.
Despite importing sufficient clinker to produce and sell ¢1.36 billion worth of cement, based on Ghana Standards Authority (GSA) standards, the company declared a mere ¢223 million in revenue – significantly under-declaring their earnings by 84%. The GRA estimates that this led to a loss of ¢490million in taxes to the state.
A GRA official present during the operation said "The evidence we have gathered thus far paints a clear picture of deliberate tax evasion, with Wan Heng Ghana Ltd. grossly under-declaring their revenues and evading their tax obligations. Such illicit practices hinder Ghana’s efforts to raise domestic revenue and address pressing economic challenges”.
Responding to this development, the Chamber of Cement Manufacturers Ghana (COCMAG) – of which Wan Heng Ghana Ltd. is a member – stressed the importance of all cement manufacturers to fulfill their tax obligations to support the state. The Chamber affirmed its members commitment to ensuring fair competition and ethical practices within the cement industry.
As investigations continue, the authorities say they are determined to bring those responsible for tax evasion to justice, signalling their unwavering commitment to upholding national integrity and safeguarding the country’s economic interests.
Latest Stories
-
I want to focus more on my education – Chidimma Adetshina quits pageantry
3 hours -
Priest replaced after Sabrina Carpenter shoots music video in his church
3 hours -
Duct-taped banana artwork sells for $6.2m in NYC
4 hours -
Arrest warrants issued for Netanyahu, Gallant and Hamas commander over alleged war crimes
4 hours -
Actors Jonathan Majors and Meagan Good are engaged
4 hours -
Expired rice saga: A ‘best before date’ can be extended – Food and Agriculture Engineer
4 hours -
Why I rejected Range Rover gift from a man – Tiwa Savage
4 hours -
KNUST Engineering College honours Telecel Ghana CEO at Alumni Excellence Awards
4 hours -
Postecoglou backs Bentancur appeal after ‘mistake’
5 hours -
#Manifesto debate: NDC to enact and pass National Climate Law – Prof Klutse
5 hours -
‘Everything a manager could wish for’ – Guardiola signs new deal
5 hours -
TEWU suspends strike after NLC directive, urges swift resolution of grievances
5 hours -
Netflix debuts Grain Media’s explosive film
6 hours -
‘Expired’ rice scandal: FDA is complicit; top officials must be fired – Ablakwa
6 hours -
#TheManifestoDebate: We’ll provide potable water, expand water distribution network – NDC
6 hours