Suspension of BDCs for fraudulent tax evasion – CBOD | Economic news

The House of Bulk Oil Distributors of Ghana (CBOD) has described as inaccurate and misleadingly the statement of the National Petroleum Authority (NPA) that it suspended two of its members for tax evasion.

CBOD stated that BDCs do not collect oil taxes or pay any petroleum taxes in the process of administering the petroleum tax.

He stated that the NPA press release "identifies two of our members, Misyl Energy Co. Ltd and Globex Energy Co. Ltd as guilty of tax evasion. What we respectfully believe is inaccurate and unintentionally misleading. "

The BDCs mentioned in the NPA version have not been sanctioned for tax evasion, but rather for having under-reported their fuel sales volumes to the NPA.An action that is considered a violation of the law NPA, 2005, (ACT691) as well as the terms and conditions. Misyl Energy Co. Ltd. and Globex Energy Co. Ltd. "

" BDCs do not collect oil taxes or pay oil taxes as part of the management of petroleum taxes. The taxes must be paid by the OMC after reconciliation with the GRA, subject to the agreed terms of payment, "the statement added.

The CBOD added that even though it acknowledges and supports the interventions of the NPA and government agencies s the threat of tax evasion that continues to undermine the oil industry, the reason for their suspension is wrong.

The NPA announced Tuesday to have suspended five distributors of bulk oil (BDC The BDCs, whose one-month suspension commenced on July 18, 2018, are Union Oil Ghana Limited, Agapet Limited, Excel Oil Company Limited, Misyl Energy Company Limited and Globex. Energy Company Limited.

The MOCs are Petro Afrique Limited Company, Life Petroleum Company Limited and Unique Company Limited.

As part of their suspension, they must not sell, supply, transport , unload and receive petroleum products during these periods.