The Ghana Revenue Authority and the Finance Ministry have reportedly been unable to offer precise information on the non-payment of the capital gains tax, according to the Public Interest and Accountability Committee.
This results from Anadarko selling its 7% stake in the Jubilee and TEN Fields in 2022.
Contrary to Section 6(e) of the Petroleum Revenue Management Act, 2011 (Act 815), Capital Gains Tax was not assessed and collected by the Ghana Revenue Authority in the sale of the 7% interest by Anadarko in the Jubilee and TEN Fields in 2021, according to a release by PIAC on its semi-annual report on September 27, 2022.
But in a “written response to PIAC on the matter, the Ghana Revenue Authority referred the Committee to the Ministry of Finance indicating that the Ministry was exclusively in charge of the transaction.
“The Ministry of Finance, in turn, referred the Committee to the Ghana Revenue Authority for answers,” it said.
PIAC also noted that Ghana made a total of over $731.94 million from oil production in the first half of 2022 from the three fields namely, Jubilee, TEN, and Sankofa Gye Nyame.
This was made up of royalties, tax payments, and surface rentals.