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The Ministry of Finance is expected to write off approximately US$120 million of the Tema Oil Refinery’s (TOR) legacy debt as part of efforts to reduce the financial burden on the state-owned refinery.TOR Managing Director Edmond Kombat disclosed this during a working visit by Parliament’s Energy Committee.According to him, the refinery’s outstanding legacy obligations currently stand at about US$400 million …

The Ghana Revenue Authority (GRA) says it is targeting a significant reduction in the country’s Value Added Tax (VAT) gap, from the current 60% to about 30% by the end of 2028.Commissioner for the Domestic Tax Revenue Division of the GRA, Dr Martin Kolbil Yamborigya, said the target forms part of the Authority’s VAT Strategic Plan aimed at improving compliance …

The Ghana Union of Traders’ Associations (GUTA) has appealed to the Ghana Revenue Authority (GRA) to adopt a more considerate approach as it intensifies nationwide visits to businesses under its VAT compliance campaign.GUTA President Clement Boateng said GRA officials deployed to markets and businesses should exercise restraint and conduct their duties in a manner that encourages cooperation rather than confrontation.Speaking …