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Oil Marketing Companies in Ghana contributes about GH¢6 billion annually to government as tax

The Association of Oil Marketing Companies (AOMCs) says it pays about GH¢ 6 billion annually to government as tax.

Oil Marketing Companies in Ghana contributes about GH¢6 billion annually to government as tax

According to the association, in 2019, they paid GH¢500 million as monthly tax to government. This raked a total of GH¢3 billion in the first two quarters of the year.

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The Industry Coordinator of the Association, Mr Kwaku Agyeman-Dua said this during a presentation in a Media Soiree with some selected Journalists in the country.

He said the investments of Oil Marketing Companies and Liquefied Gas Marketing Companies also stood at $4 billion.

“60,000 direct and 100,000 indirect jobs were created by the Association with individual Companies undertaking various Corporate Social Responsibility Projects in their areas of operation,” he added.

The Coordinator further noted that they had a total of 3869 outlets, made up of 1720 service stations, 1363 filling stations, 656 LPG Stations and 130 Reseller Outlets throughout the country.

Although the Oil business was seemingly lucrative, challenges such as differential Zonal pricing, illegal fuel trade, variation of levies by various institutions, payment of taxes within 21 plus four days were stifling their progress.

He mentioned other challenges as zonalisation with limited Bulk Distribution Companies at various depots, maintenance of high level of safety at all outlets and insurance bond.

He, hence, called on the government to extend the tax days of 21 days plus four to 30 days or an institution of “Pay as you sell” to ensure timely and effective tax compliance.

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