Kasapreko Company Limited (KCL), Ghana’s trusted beverage manufacturing company, has been named Best Indigenous Tax Compliance Company for 2018 by the Ghana Revenue Authority (GRA).
The award is in recognition of KCL’s commitment to the filing of tax returns and compliance to tax laws which has immensely contributed to national development.
Presenting the awards to KCL on behalf of the Commissioner General of the GRA – Kofi Nti, Deputy Commissioner at the Large Taxpayer Office of the GRA, Edwin Gyambrah touted the only local beverage manufacturing company with ISO Certification in Ghana as most tax compliance local company.
He disclosed that the KCL paid a total tax of GHC85.4 million in 2018 representing an increment of 8.5 per cent in 2017.
The Deputy Commissioner the award is to ensure Kasapreko Company Limited becomes the role model for other indigenous companies serving as an encouragement to them to perform their tax obligations to the government.
“We’ve seen that your compliance rate in terms of your date of filing, regular payment of your cooperate tax, employee taxes and your excise duties have been very good and as a result, the GRA appreciates this and wants to use you as a model to other local businesses that we don’t just collect taxes but we also appreciate things that are done by businesses,” he stressed.
The Managing Director of KCL, Richard Adjei in his response, expressed his gratitude to the GRA for recognising the efforts of his outfit to the revenue mobilisation process.
He said, one of the key objectives of the KCL over the past years, is to be a company that other businesses look up to in Ghana not only as the best brand in marketing and sales or for Corporate Social Responsibilities but also for paying the required taxes.
“We’re very glad that the GRA has recognised our hard work and contribution to the government and the economy as a whole. We hope that this will be an encouragement to other local companies to follow,” Mr. Adjei said.
He urged the GRA to continue to enforce its laws to enable other companies that are not in compliance follow the law in order to create a fairly competitive landscape for those of those companies that are being obedient and paying the right taxes.
Mr. Adjei further called on the government to also provide some form of tax relief to the KCL as a form of appreciation in addition to the award to enable the company to embark on other job creation ventures which will ensure more taxes are paid.
He said the KCL is building a new factory in the Ashanti Region, precisely at Tanoso in Kumasi and has applied for the one-district, one-factory which is awaiting approval.
He, therefore, called on the government to offer some support in the form of reduced tax rates to enable the company to expand.
“We’re certainly glad that we’re being recognised as the best Indigenous Taxpayer and we hope that the government will also take this opportunity to sometimes give us tax rates to show their appreciation for what Kasapreko is also doing. We’re building a new company at Tanoso in Kumasi and we’ve rightly applied for the 1-district, 1-factory and we’re looking forward to the support that the government will give us as we expand. The more support we get will obviously mean the more taxes we’ll pay. We hope that as we’ve been recognised, the government will also put in place policies to support not only us but the local companies in general,” he appealed.
A citation presented to the company reads: “You are a certified Ghanaian indigenous manufacturer and producer of alcoholic and non-alcoholic drinks established in 1989. Over the years you have contributed immensely to national development through the payment of various tax types. Your contribution to revenue in 2018 was impressive. You have shown growth across all tax types over the years. You increased your 2018 tax payment by 8.5% over that of 2017. You have also shown tremendous improvement in the filing of tax returns. For this admirable consistency in improvement in revenue growth, the Ghana Revenue Authority presents to you, Kasapreko Company LTD the Most Indigenous Company compliant with tax laws for the Large Taxpayer Office”.
Summerhill Estates Appeal To Government For Construction Of ‘Ashaiman-Nanakrom Santoe’ Road
At a media engagement with Summershill Estates Limited to mark its first anniversary of delivering exquisite, luxurious and affordable apartments, the management appealed to Government to speed efforts at constructing the ‘Ashaiman-Nanakrom Santoe’ Road to ease the flow of people and goods on that stretch of the road network as part of Government’s promise to create an enabling business environment for the private sector to flourish.
They added that, the said road which was captured in the 2019 budget as delivered by Honorable Ken Offori-Atta the Finance Minister of the republic as part of the China Bauxite Sinohydro deal is in a bad state and has affected the smooth running of their business since its establishment a year ago.
This appeal was made by Management during a session with the media on Tuesday July 16, 2019 when a selected section of media were engaged in an interaction and a tour of the Summerhill Estate Facility as part of its One Year Anniversary celebration.
Summerhill Estates is a liability limited company which forms part of a subsidiaries of the Nananom Group of Companies headquartered in Toronto-Canada some thirteen (13) years ago. Summerhill Estates seeks to complement Government’s efforts at bridging the yawning housing deficit in the country by providing very luxurious and yet affordable housing for all and sundry. It boasts of a 54 plush apartment facility with fully furnished and fitted kitchens for short and long stays without having to make lump sum initial deposits.
The business concept is said to have been premised on the Group CEO and Chairman’s (Dr. George Obeng) quest to make home so available to all levels of the society.
Check out photos of Summerhill Estate Ltd located at East Legon Hills on the ‘Ashaiman-Nanakrom Santoe’ Road.
KPMG Plots Sale Of Pensions Arm.
Big Four auditor, Klynveld Peat Marwick Goerdeler (KPMG) is exploring a sale of its British pensions advisory business.
The division – which is one of the largest working in this sector in the UK with £50billion of assets under advice – counsels pension funds and other major investors about where they should put their money. It has approximately 450 staff.
City sources claim the pensions arm could command a price tag of around £120million.
The company did not say which groups had expressed interest in buying the business. A KPMG spokesman said: ‘We have made no firm decisions over any eventual outcomes at this stage.’
The sale comes at a time when Britain’s major beancounters are wrestling with reforms of the industry after a string of high-profile accounting blunders.
The structure of auditing firms has come under scrutiny, with MPs on parliament’s business committee calling for a full-break up of the Big Four firms KPMG, PwC, Deloitte and EY.
Former London Stock Exchange chairman Sir Donald Brydon is investigating the future of auditing in a review for the Government.
Scandal-hit KPMG signed off on outsourcer Carillion’s accounts before it went bust in January 2018. It has had to pay millions of pounds in penalties for errors in the audits of major companies such as Ted Baker and the Co-Operative Bank.
FOREIGN: Trump blasts Bitcoin, Facebook’s Libra.
WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank."
"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump wrote on Twitter.
"If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International," he added.Facebook said last month it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc , PayPal Holdings Inc and Uber Technologies Inc , would form the Libra Association to govern the new coin. No banks are currently part of the group. JPMorgan Chase & Co , the largest U.S. bank by assets, plans to launch its own digital coins.
Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.
Powell said the Fed had established a working group to follow the project and was coordinating with other countries' central banks, several of which have also expressed concern about Facebook's digital currency project.
The U.S. Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to conduct a review.
Facebook, the White House and the Treasury Department did not immediately respond to requests for comment. A spokeswoman for the Federal Reserve declined to comment.Bitcoin , the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks, but crypto trading and digital currencies remain largely unsupervised. The market has also faced allegations of money laundering and terrorist financing.
Trump's series of tweets on cryptocurrency also come on the heels of an event at the White House where the president criticized large technology companies that he said treated conservative voices unfairly.
The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said: "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect."
“AFCFTA To Create Investment Hub For Ghana. – Ken Ofori-Atta
Mr. Ken Ofori-Atta, Minister for Finance, has said that Ghana’s hosting of the Secretariat of the African Continental Free Trade Agreement (AfCFTA) would create an opportunity for the country to become the trade facilitation and investment hub in Africa.
According to him, the Continental Free Trade Area, which would be the largest trading block in the world with a GDP of about US$3 trillion and 1.3 billion populations, would begin the economic emancipation of the people on the continent.
Mr. Ofori-Atta made the point in a contribution to a statement by Mr. Alan Kyerematen, Minister for Trade and Industry on the Floor of Parliament, in Accra, on the AfCFTA and Ghana’s selection to host the Secretariat.
The creation of a single continental market for Africa had long been the dream of the founding fathers of most of the major countries on the continent.
The Abuja Declaration of 1991 of the Authority of Heads of States of the Organisation of African Unity envisioned the establishment of an African Economic Community. One of the building blocks for the establishment of this community was the creation of a Continental Free Trade Area for Africa.
The realisation of the vision of a single market did not materialise until the AU Summit of Heads of States and Government in January 2012, which formally endorsed the decision to establish an African Continental Free Trade Area. Since that decision was adopted, extensive preparations and negotiation were carried out by member states, finally culminating in the historic AU Summit decision in Kigali on March 21, 2018, to formally conclude the first phase of negotiations for the Continental Free Trade Agreement.
Mr. Ofori-Atta also noted that since the days of Dr. Kwame Nkrumah and the work that he did for the OAU, now African Union (AU), the AfCFTA is the first AU organ of importance that is coming to be hosted by Ghana.
He commended the purposefulness and the unity in the approach to this by former Presidents of Ghana to make it happen, with thumbs up for President Nana Akufo-Addo for working hard to convince his colleagues’ Head of States to support Ghana’s bid.
Mr. Alan Kyerematen in briefing the House called on Ghana to leverage the opportunity to host the AfCFTA Secretariat to become the new commercial capital of Africa, a regional trade hub and economic epic-center as well as a new gateway to the continent.
He said the hosting of the Secretariat would promote Ghana as an attractive investment destination and actively facilitate foreign direct investments in the country.
He said the hosting of the Secretariat would provide opportunities to recruit many Ghanaian professionals and administrative staff to work in the Secretariat.
Mr. Clement Kofi Humado, MP for Anlo, noted that the AfCFTA was going to be a game-changer in the sense that the existing north-south trade relations where Africa trades more with Europe than among itself needed to change gradually towards trade among themselves.
He said AfCFTA would help to catalyze the already existing regional blocks and push them into action to fulfill their regional objectives.
He also lauded President Akufo-Addo, the Foreign Minister and the team for their lobbying skills to ensure that Ghana was selected to host the AfCFTA Secretariat in Accra.
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