Strategic Mobilisation Ghana Ltd (SML) has refuted claims that it received GH¢1 billion as compensation for its revenue mobilization contract with the Ghana Revenue Authority (GRA).
The accusation followed an audit conducted by KPMG, which was commissioned by President Akufo-Addo to investigate the contract between the GRA and SML. The audit’s findings, submitted to the President, indicated that SML received a total of GH¢1,061,054,778.00 from 2018 to date.
However, in a sharp rebuttal, SML is challenging the accuracy of the compensation figure quoted in KPMG’s report. The company argued that the audit report did not consider the investments and taxes SML paid during the contract’s duration. According to SML, KPMG’s report did not fully represent the financial relationship between the compensation received and the associated costs incurred by the company.
“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.”
Additionally, SML pointed out that KPMG’s report failed to mention the 31.5 per cent tax on the total compensation, creating a distorted view of the financial dynamics between SML and GRA.
“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.”
