B5 Plus Company Limited, one of Ghana’s leading iron and steel manufacturing companies, has presented a GH¢400 million tax cheque to the Ghana Revenue Authority (GRA), with the tax agency calling on businesses and individuals to play a greater role in financing the country’s development.
The payment, made by the company, chaired by Mr Mukesh Thakwani, has renewed attention on the importance of domestic revenue mobilisation at a time when Ghana is seeking to strengthen its capacity to finance development from its own resources.
Presenting the cheque, the Commissioner of the GRA’s Domestic Tax Revenue Division, Dr. Martin Kolbil Yamborigya, commended B5 Plus for its tax compliance and urged other companies and individuals to emulate the company.
He said taxes paid by businesses were not merely statutory obligations but an important source of funding for public services and national development.
“The taxes paid by B5 Plus are not simply figures on a tax statement. They represent a contribution towards the provision of roads, schools, hospitals, security, social interventions and other public services that benefit all of us,” he said.
Dr. Yamborigya said a strong domestic revenue base was critical to Ghana’s quest for economic self-reliance, particularly as the country sought to reduce its dependence on borrowing and external assistance.
He explained that the ability of the state to provide essential services and undertake development projects depended significantly on the willingness of taxpayers to meet their obligations.
The Commissioner, however, stressed that the responsibility did not rest with taxpayers alone, saying government had an equal obligation to ensure that public resources were used efficiently and accounted for.
“Government has a responsibility to use public resources efficiently and accountably,” he said.He added that the GRA also had a duty to administer the country’s tax laws fairly, efficiently and professionally to build confidence in the tax system.
According to him, the relationship between taxpayers and the state must be based on shared responsibility, with businesses and individuals paying the right taxes while government ensures that the resources are properly utilised for the benefit of the population.
Dr. Yamborigya urged taxpayers to maintain proper financial records, file accurate returns on time and pay the correct taxes.
He also appealed to consumers to help the Authority tackle revenue leakages by demanding VAT invoices whenever they made applicable purchases.
“When you pay VAT, ask for your VAT invoice,” he said.
He further called on the media to intensify public education on taxation and help promote accountability in the management of public resources.
The Commissioner assured taxpayers that the GRA would continue to improve its systems and processes to make tax compliance easier, fairer and more convenient.
The GH¢400 million contribution from B5 Plus highlights the link between Ghana’s industrial sector and domestic revenue mobilisation. As a major player in the iron and steel industry, the company’s operations generate economic activity while its tax obligations provide revenue to the state.
Dr. Yamborigya said such contributions were essential to building a stronger domestic economy and financing the country’s development priorities.
He ended with a message to B5 Plus that underscored the broader significance of corporate tax compliance.
“Your compliance is your contribution. Your contribution is part of Ghana’s development.”
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