"We Will Retrieve All Monies Owed State-Owned Institutions" - EOCO BOSS Assures

Updated: 7 days ago


Executive Director of the Economic and Organised Crime Office (EOCO), Maame Tiwaa Addo-Danquah has assured that all monies owed State-Owned Institutions will be retrieved under her watch.


According to her, her outfit will not sit and watch people or organisations evade tax and also fail to pay monies they owe.


Reacting to Finance Minister, Ken Ofori-Atta's Mid-Year Budget Review, Maame Tiwaa Addo-Danquah said "I heard the Finance Minister stating the recoveries EOCO has made on behalf of other institutions like GRA and others.

These are direct recoveries that are held in our accounts which will be directed to the Consolidated Fund. What he did was the first quarter not even up to sencod quarter, so as at this second quarter, we have recorded about 20 million"


"We support, NPA, BOST and don't even go in the current tax period, we go into the previous ones; 2016, 2017 and 2018 where they would have closed"


"We go back to check whether whatever they have paid, was actually paid to GRA or whichever institution, the margin, the margins that BOST is supposed to take, some of them take but they don't pay, and we have taken some of them to court"


The Executive Director added that per EOCO's mandate, anyone who evade tax and uses the money for any property, or acquire vehicle, the State will go through a process and confiscate those assets when they fail to pay back the monies owed.


"So that is what we are doing. Our officers are committed and are poised to do what is expected of them per our mandate"


"If there are other institutions that are not on-board, we encourage them to get in touch and I can assure that our competent men will recover whatever monies that is due to the state"


Background

The Finance Minister, Ken Ofori-Atta on the floor of Parliament few days ago, read the Mid-Year Budget Review.


Touching on the revision to the 2022 Fiscal Framework, he said "Mr. Speaker, the 2022 fiscal framework has also been revised due to the fiscal performance for the first half of the year, including; shortfalls in the expected yields from the new 2022 revenue measures and the implementation of the 30% discretionary expenditure cuts and other expenditure measures announced by, Government earlier in the year.  


He added that the other expenditure measures are the moratorium on foreign travels except pre-approved critical and/or statutory travels likewise a 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1st April 2022


Explaining further, Mr. Ofori-Atta noted that the moratorium on foreign travels except pre-approved critical and/or statutory travels.


"Mr. Speaker, the revisions in Government’s fiscal operations results in a fiscal deficit (on cash basis) of GH¢38,900 million (6.6% of revised GDP) up from the 2022 Budget deficit target of GH¢37,012 million (7.4% of GDP). The corresponding Primary balance is a surplus of GH¢2,461 million (0.4% of revised GDP), up from the 2022 Budget estimate of a surplus of GH¢435 million (0.1% of GDP)"


He hinted that although the deficit is expected to be financed from both foreign and domestic sources, domestic financing will be the key driver while Government works to regain external market access.


The Finance Minister mentioned that the some Revenue Measures will be pursued in the remaining half of the year.


Touching on eVAT, he said "The digitalization of our Revenue Mobilization processes remains a key focus; therefore, the GRA is finalizing all relevant processes to facilitate the effective collection of VAT revenue.  This includes a proposed amendment of the Value Added Tax Act 870 to enable its electronic collection, effective 1st October 2022"


Story by: Joshua Kwabena Smith


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