Chinese cement manufacturing firm Sol Cement has been closed by officials of the Ghana Revenue Authority for tax default amounting to more than GH¢700 million.
The company was cited for the VAT infraction including corporate income tax and penalties after a tax audit by the GRA tax enforcement.
Sol Cement, located in the Tema Industrial Area has failed to pay taxes for more than two years and has been asked to settle the amount within 10 days.
“In pursuant of Section 57 of the Revenue Administration Act 2026, (Act 915) as amended, restraining order will be levied on all distrainable things of your company as specified under section 57 of the Revenue Administration Act 2026, (Act 915) to recover the sum of GHS 709,686,828.53 due and owing by your company to the Authority together with the cost and charges incidental to the order”, documents sighted by citinewsroom.com suggest.
Furthermore, the GRA has granted a restraining order to prevent the owners and or workers from entering the premises of the company.
Commissioner Joseph Annan, Accra Area Enforcement Manager of the Ghana Revenue Authority 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.”