GRA closes Chinese company Sol Cement for ₵700m tax default

The Ghana Revenue Authority (GRA) has closed down a Chinese cement manufacturing company, Sol Cement for not paying taxes. The company, located in the Tema Industrial Area is estimated to owe over ₵700 million. The Tax Enforcement Team of the GRA went to the site of the company to lock it up after conducting a tax audit. Sol Cement was cited for VAT infractions, Corporate Income Tax, penalties among others which have not been paid for more than 2 years. Besides the closure, the GRA has also issued a restraining order to prevent owners and or employees of the company from accessing the premises. Leader of the operations, Joseph Annan told Journalists that the facility will remain closed until further notice after which the necessary legal procedures will commence. He also disclosed that all efforts by the GRA to collect the taxes have proved futile as managers of the company have refused to clear the tax.