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GIPC To Punish Tax Evading Companies

The Ghana Investment Promotion Council (GIPC)is putting in place measures to track operations of foreign firms in the country to ensure that the country's tax law is respected.

The measures would cure the status quo where many foreign firms change ownership, and at times operating names after five years of operation in Ghana. Most companies resort to this canny way to evade tax when the tax holiday granted them expired.

This behavior contributes to revenue lost to the state; it also makes mockery of the country's laws.

Chief executive officer of GIPC, Mawuena Trebah said firms caught engaging in such a nefarious activity will be sanctioned by the state if found culpable.

She was speaking to Joy News's Elton John Brobbey on a variety of issues ahead of the annual Dubai Investment Forum that the country cannot sacrifice its laws to the advantage of foreign firms.

"I have zero tolerance for disregard for our rules and regulations," she said, adding that she will personally be involved in monitoring and tracking such companies.


Foreign Coys To Establish Presence

Ghana's business-friendly environment coupled with some buoyant economic activities and other solid macroeconomic fundamentals seems to be paying dividends as a large number of major international companies will in the next two to three months establish their presence in the country.

Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Mrs Mawuena Trebarh, who disclosed this in an interview, also revealed that the companies will set up base in the areas of Financial Service, Private Equity Market, Agribusiness, Manufacturing, Power and Infrastructure.

"...within the next two to three months, you will see quite a number of major international companies coming into the country......these are big multi-national firms that are already making their fourth and fifth reviews of potential investment (in Ghana)...," she said.

She was speaking to Nana Kwadwo Asante of on a variety of issues on the eve of the Annual Investment Meeting (AIM) in Dubai, UAE.

The ultimate goal of the AIM Conference is to provide the audience through a series of keynote speeches and case studies, a realistic insight on Foreign Direct Investment (FDI) and an in-depth review of investment opportunities arising from economically resilient markets.

According to Mrs Trebarh, the GIPC will put up a stand at the Trade Fair with the focus on providing delegates and investors an opportunity to find out more about the local business environment and foster links with those companies playing active roles in the market.

The GIPC boss also touched on measures put in place by her outfit to ensure that foreign companies do not change ownership after a few years of operation in Ghana, thus abusing the country's tax laws by evading tax when the tax holiday granted them expires.

Expressing her abhorrence for "disregard for rules and regulations", Mrs Trebarh indicated her resolve with the collaborative efforts of other stakeholders, to monitor and track "investments and their applications".