The Ghana Revenue Authority has shut down Tema Industrial Area-based cement manufacturer Sol Cement, for defaulting in paying taxes totalling GH¢700 million for more than two years.

Apart from not honouring its VAT, Sol Cement also defaulted in paying corporate income tax and tax penalties imposed on the company in relation to the default.

GRA officials have asked the company to pay the amount in 10 days.

“In pursuant of Section 57 of the Revenue Administration Act 2026, (Act 915) as amended, restraining order will be levied on all distrainable things of your company as specified under section 57 of the Revenue Administration Act 2026, (Act 915) to recover the sum of GHS 709,686,828.53 due and owing by your company to the Authority together with the cost and charges incidental to the order”, the GRA said inna document.

The tax-collecting body has also sedured a restraining order to prevent the owners and, or workers from entering the premises of the company.

The Accra Area Enforcement Manager of the Ghana Revenue Authority, Commissioner Joseph Annan, told the media: “The amount is summary of different types of taxes, interest and penalties.  They even owe a penalty for misleading statements. All the internal processes have been exhausted and all the necessary notice served so we have sealed the place and if they are able to mobilize funds to pay, we will open it up for them.”