Revenue due the state is going down the drain due to the smuggling of the nation’s gold through Togo.
The smuggling has come about as a result of a 10% tax slapped on gold transactions recently.
Joy Business sources reveal that gold buyers in Bibiani, Tarkwa and Prestea, mostly Indians are no longer charging the new 10% tax on the purchase of gold because gold dealers are not willing to pay the tax component on the transactions to Government.
The Chief Executive Officer (CEO) of Okobeng Mining Company, Nana Okobeng Amponsah tells Joy Business he was recently confronted with a situation where he had to pay in excess of 100,000 cedis as tax on a 1,000,000 cedi worth of gold he sold to an Indian gold dealer.
“Government should stop the activities of these illegal gold buyers,” he said.
According to Nana Okobeng, the gold dealers do not give any receipt to cover the tax deductions on the transactions.
He therefore suspects that the Indian gold dealers are stealing from the state through the imposition of the tax and subsequent enforcement by such dealers.
“These people are not licensed gold dealers in the first place so why are they collecting taxes on gold shipments on behalf of the country,” he queried.
Nana Okobeng says he was shocked that another Indian gold buyer asked him to pay 3% tax on the gold instead of the stipulated 10 percent.
Gold dealers mostly in Tarkwa, Prestea and Bibiani are asking government to ensure proper documentation to be issued on the recent 10% taxes being charged.
They however called for a reduction in the taxes in order to avoid smuggling of the precious commodity.
When asked why they do not sell their gold directly through the Precious Minerals Marketing Company but rather through Indian shops, Nana Okobeng said the Precious Mineral marketing company must establish offices in the districts to avert the dangers associated with the transaction and transportation of gold to the market.