Prime News Ghana

GRA to intensify tax mobilisation through transfer pricing

By Justice Kofi Bimpeh
GRA logo
GRA logo
facebook sharing button Share
twitter sharing button Tweet
email sharing button Email
sharethis sharing button Share

The Ghana Revenue Authority, GRA will in the coming days intensify its revenue mobilisation through transfer pricing operations.

According to the Acting Commissioner General of GRA Ammishaddai Owusu-Amoah, this is to ensure that international corporations operating in the country pay the right income taxes to the state.

This decision follows an agreement reached by the GRA and the Dutch government to broaden the knowledge of some GRA officials in transfer pricing.

READ ALSO : GRA to introduce informant system to arrest tax evaders

Revenue mobilisation through transfer pricing has been a major challenge for the GRA, especially with the petroleum and telecom industry.

Ammishaddai Owusu-Amoah speaking to Joy FM said it is key for officials of the GRA to understand the transfer pricing, especially in the petroleum and telecom sector to be able to estimate accurately tax coming from that sector.

"If you don't understand them very well you will end up not being able to estimate tax accurately, therefore, you will end up losing revenue as far as taxes that you can collect is concern, and sometimes it gets a bit complex especially when you go to the issues about the petroleum sector and the telecom sector...."

READ ALSO : GRA announces GHS25k informant reward to clampdown on tax defaulters 

Ammishaddai Owusu-Amoah added that most of the sectors now are multinationals and transfer pricing is very important in these sectors to get the needed revenue for the country.

"You know that our telecom sector today completely multinationals. If you go to the banking sector a lot of multinationals so in all these areas transfer pricing is very important. Apart from the fact that we are trying to enlarge the tax net, there is still 67% of our tax coming from the large tax office so if you get the transfer pricing right you are likely to get good revenue from that area."