• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

SML challenges KPMG’s GHS 1bn compensation payment in GRA contract audit

2 years ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
55
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

SML challenges KPMG’s GHS 1bn compensation payment in GRA contract audit

Strategic Mobilisation Ghana Ltd (SML) has strongly contested the compensation figures attributed to it in a recent KPMG audit report concerning its contract with the Ghana Revenue Authority (GRA).

In response to the audit findings, SML argued that KPMG’s reported compensation of GH¢1,061,054,778 failed to account for the company’s investments and tax contributions during the contract period.

“KPMG quotes a figure as compensation to SML. It is interesting to note that this figure is quoted without reference to the investments made and the taxes paid by SML over the period within the consolidated contract. The compensation of GH¢1,061,054,778.00 stated by KPMG is inaccurate,” SML asserted in a press statement issued on Thursday, April 25, 2024.

Furthermore, SML highlighted a significant omission in KPMG’s report which is the non-inclusion of a 31.5% GRA tax deduction from the total compensation. This, SML claims, skews the perceived financial dynamics of the contract.

“SML finds that KPMG’s failure to state GRA taxes of 31.5% taken before payment, interest payments of 32% plus the investment repayment made by SML, and other taxes/duties over the period creates a very unbalanced impression of the relationship between the compensation and the investment and other related costs. This omission is highly misleading,” the company said.

Additionally, SML moved to clarify claims made by The Fourth Estate, which alleged that the company had a 10-year contract with the GRA and received annual payments of $100 million. SML pointed to the KPMG report as vindication against these allegations, stating that the audit assurance confirmed that no such $100 million payment was received from the government.

RelatedPosts

Ghana’s Banks not Lending Enough to Sectors That Matter Most

Luxury Tourism is a Risky Strategy for African Economies, New Study Says

IMF Isn’t Doing Enough to Support Africa; Billions Could Be Made Available Through Special Drawing Rights

SML reaffirmed its dedication to upholding ethical standards and maintaining the quality of its work, underlining its commitment to contributing positively to Ghana’s development.

 

Tags: graKPMGSMLSML challenges KPMG's GHS 1bn compensation payment in GRA contract audit
No Result
View All Result

Highlights

FirstBank Ghana Commits GHS 200,000 to Community Projects Under 2025 CR&S Week

African Development Bank President Ould Tah Tackles Financial Reform in Push for Development

OSP Invites DVLA CEO Over Alleged GHS 4m Bribery Attempt Linked to Digital Vehicle Plate Rollout

Standard Chartered Zambia Signs Agreement to Sell Wealth & Retail Banking Business to First National Bank Zambia

Vinicius Jr. Apologizes for Clásico Outburst, Leaves Out Coach Alonso

Rabat Set to Host African World Cup Playoffs Next Month

Trending

Business

Ghana’s Banks not Lending Enough to Sectors That Matter Most

October 29, 2025

Ghana’s Banks not Lending Enough to Sectors That Matter Most Bank lending is a major source of...

Luxury Tourism is a Risky Strategy for African Economies, New Study Says

October 29, 2025

IMF Isn’t Doing Enough to Support Africa; Billions Could Be Made Available Through Special Drawing Rights

October 29, 2025

FirstBank Ghana Commits GHS 200,000 to Community Projects Under 2025 CR&S Week

October 29, 2025

African Development Bank President Ould Tah Tackles Financial Reform in Push for Development

October 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.