The Revenue Assurance, Compliance and Enforcement (RACE) of the Ministry of Finance has retrieved ¢24.2 million as tax under recovery from some Oil Marketing Companies and a commercial bank.
This follows validation of tax payments for the lifting of refined petroleum products.
According to the Ministry, the Revenue Assurance, Compliance and Enforcement (RACE) team of the Ministry of Finance concluded the first phase of engagements with 99 out of 117 OMCs to validate tax payments for the lifting of refined petroleum products.
The engagements involved GRA, the National Petroleum Authority (NPA), the Association of Oil Marketing Companies (AOMCs), and some commercial banks.
Under the RACE initiative, government has established a tax liability of ¢62 million against a commercial bank out of which ¢14.3 million has been recovered. Furthermore, about ¢9.9 million has been recovered from some Oil Marketing Companies
Source: Joy Business