The Ghana Revenue Authority (GRA) has shut down a Chinese cement manufacturing company, Sol Cement, for tax default amounting to more than GH¢700 million.
The company, located in the Tema Industrial Area, was found to have violated Value Added Tax (VAT) regulations, corporate income tax, and accrued penalties following a tax audit conducted by the GRA’s tax enforcement division.
An official document sighted by The GhanaReport outlined that, in accordance with Section 57 of the Revenue Administration Act 2026 (Act 915), as amended, a restraining order will be imposed on all distrainable assets of the company as specified under the same section.
This measure is intended to recover the sum of GH¢709,686,828.53, which is owed by the company to the GRA, along with the associated costs and charges.
In addition to the closure, the GRA has issued a restraining order to prevent the owners and employees of the company from accessing the premises.
The Accra Area Enforcement Manager of the GRA, Commissioner Joseph Annan, told the media, “The amount is summary of different types of taxes, interest and penalties. They even owe a penalty for misleading statements. All the internal processes have been exhausted and all the necessary notice served so we have sealed the place and if they are able to mobilize funds to pay, we will open it up for them.”
Below is the statement to that effect.
