KPMG’s GH¢1bn payment claim ‘highly misleading, inaccurate’ – SML
Strategic Mobilisation Ghana Ltd (SML) has refuted assertions that it received GH¢1,061,054,778.00 in compensation for its revenue mobilisation contract with the Ghana Revenue Authority (GRA).
Following a directive from President Nana Akufo-Addo on January 2, KPMG conducted an audit of the contract between GRA and SML.
In its report submitted to the President, KPMG revealed that SML had been paid a cumulative sum of GH¢1,061,054,778.00 from 2018 up to the present date.
However, SML has responded, challenging KPMG's findings.
In their statement, they contended that KPMG had presented the compensation figure "without reference to the investments made and the taxes paid" during the reviewed period.
SML highlighted that KPMG's report failed to acknowledge that 31.5% of the total compensation was deducted as GRA taxes.
They asserted that this omission created a skewed perception of the true relationship between the compensation and the investments and associated costs incurred by SML.
SML further criticised KPMG for not accounting for interest payments of 32% and investment repayments made by SML, along with other taxes and duties incurred over the contract period. They described this omission as highly misleading.
In their rebuttal, SML sought to clarify the complexities of their financial arrangement with GRA, emphasising the need for a comprehensive understanding of the contractual dynamics.
“KPMG quotes a figure as compensation to SML. It is interesting to note that this figure is quoted without reference to the investments made and the taxes paid by SML over the period within the consolidated contract. The compensation of GH¢1,061,054,778.00 stated by KPMG is inaccurate”, SML insisted.
“SML finds that KPMG’s failure to state GRA taxes of 31.5% taken before payment, interest payments of 32% plus the investment repayment made by SML, and other taxes/duties over the period creates a very unbalanced impression of the relationship between the compensation and the investment and other related costs. This omission is highly misleading.”
Source: Classfmonline.com
Trending News
CSOs eyes civil action against government over alleged destruction of protected forests
14:49Kasoa-Weija road floods: We didn’t have money to fix it– Asenso-Boakye
07:02EC corrects voter roll errors
12:20My brothers and sisters are Christians, I cannot say that I’ll not get close to them – Bawumia as he fosters interfaith harmony
07:25Franklin Cudjo’s allegations that we disenfranchised SALL ‘false’ – EC
07:03Cecilia Dapaah case: EOCO’s corrupt conduct must be probed – Adam Bonaa
12:00Ghanaian man told he is not British after 42 years in UK
13:32C/R: We demand immediate action on Kasoa-Winneba road traffic – NDC tells Akufo-Addo
07:03Lawyers in shock, disbelief as Chief Justice reconstitutes, chairs Opuni case panel
10:59NHIA CEO introduces free medical screening for Ghanaians on their birthdays
13:10