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KPMG audit reveals GHS 31.88 million tax liability by Strategic Mobilisation Ghana Limited

1 year ago
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KPMG audit reveals GHS 31.88 million tax liability by Strategic Mobilisation Ghana Limited

The KPMG report has unveiled substantial tax irregularities involving Strategic Mobilisation Ghana Limited (SML).

The audit, conducted at the President’s behest, revealed that SML owes the Ghana Revenue Authority (GRA) GH¢ 31.88 million in unpaid taxes, encompassing accrued interest of GH¢ 18.50 million as of January 31, 2024.

The period of non-compliance extends from June 1, 2020, to August 31, 2023, during which SML failed to submit tax returns or remit taxes to the GRA.

This serious deviation from statutory obligations prompted the GRA to issue a demand for payment. Despite this intervention, SML has yet to address its tax liabilities.

KPMG’s report highlights a specific instance from September 1, 2020, to April 30, 2021, where a bulk payment of GH¢ 13.38 million to SML was made without the necessary VAT and withholding tax (WHT) deductions.

This lapse starkly contrasts with the GRA’s standard practice of deducting these taxes for payments made to SML.

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The audit firm reported, “During the period from 1 September 2020 to 30 April 2021, a bulk payment to SML covering invoices for an eight-month period, did not have VAT and WHT deductions, amounting to GH¢ 13.38 million.

This contradicts GRA’s standard practice of deducting such taxes for payments to SML between 1 June 2020 and 31 August 2023.”

The revelations have cast a spotlight on broader contractual and operational discrepancies between SML, the Ministry of Finance, and the GRA. An investigative report by The Fourth Estate disclosed that SML’s claims of mitigating revenue losses in the downstream petroleum sector were largely unfounded. Contrary to SML’s assertions, other entities, including the National Petroleum Authority (NPA), were performing these tasks.

Following these findings, SML’s Managing Director, Christian Tetteh Sottie, conceded to the inaccuracies and swiftly removed the erroneous claims from the company’s website.

Despite these admissions, Finance Minister Ken Ofori-Atta in 2023 sought to expand SML’s contractual scope to encompass the gold and oil-producing sectors, escalating the annual contract value to over $100 million.

President Akufo-Addo, responding to public outcry and investigative outcomes, has since suspended SML’s contracts and commissioned KPMG to perform a comprehensive audit.

The full KPMG report, coupled with the President’s press statement, outlines significant irregularities in SML’s operations and contractual engagements with the Ministry of Finance and the GRA, calling into question the oversight and governance practices within these agreements.

 

Tags: KPMGKPMG audit reveals GHS 31.88 million tax liability by Strategic Mobilisation Ghana LimitedStrategic Mobilisation Ghana Limitedtax liability.
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