Shopping cart

Magazines cover a wide array subjects, including but not limited to fashion, lifestyle, health, politics, business, Entertainment, sports, science,

  • Home
  • Business
  • COMAC calls for action as GRA alleged tax discrepancies threaten petroleum sector stability

COMAC calls for action as GRA alleged tax discrepancies threaten petroleum sector stability

115

The Chamber of Oil Marketing Companies (COMAC) has called on the Ghana Revenue Authority (GRA) to ensure fair and consistent tax administration, warning that ongoing regulatory lapses could destabilize the petroleum downstream sector.

A statement signed by Riverson Oppong, Industry Coordinator of COMAC on Monday, January 12, 2026, highlighted a discrepancy in the GRA’s system regarding due dates for tax remittance on petroleum product liftings.

According to the chamber, the error exposes oil marketers to compliance risks and potential penalties, undermining confidence in the consistency of tax administration.

COMAC expressed frustration over what it described as the GRA’s disregard for industry concerns.

“The Chamber views the continued lack of response and corrective action as a disregard for the legitimate concerns of industry stakeholders,” the statement noted.

COMAC warned that the regulatory issues could have broader consequences beyond the industry. Potential risks include fuel supply disruptions, price instability for consumers, and diminished international investor confidence.

“Several Oil Marketers have attracted significant international investor interest. Continued regulatory uncertainty and lack of responsiveness from the GRA threaten to undermine this confidence, potentially deterring much-needed foreign investment and innovation in the sector,” it added.

The chamber also emphasized the economic implications of inaction, noting that the petroleum downstream sector is a key driver of employment, commerce, and government revenue.

COMAC is therefore demanding immediate measures from the GRA, including correcting the tax remittance dates in the system, reducing bureaucratic obstacles, and addressing outstanding requests for regulatory intervention to address the issue.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts