We’ve not been paid GH¢1bn; KPMG’s claim inaccurate – SML

The Strategic Mobilisation Ghana Ltd (SML) has denied that it was compensated GH¢1,061,054,778.00 for the revenue mobilisation contract it had with the Ghana Revenue Authority (GRA).

KPMG was ordered by President Akufo-Addo on January 2 to audit the contract between the GRA and SML and following the submission of its report to the president, it disclosed that SML was paid a total of GH¢1,061,054,778.00 from 2018 to the date.

But Strategic Mobilisation Ghana Ltd denied the claims in a response, stating that KPMG quoted the figure “without reference to the investments made and the taxes paid” within the period under review.

“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 also said KPMG’s failure to state that 31.5 percent of the total GH¢1,061,054,778.00 taken as taxes creates a very unbalanced “impression of the relationship between the compensation and the investment and other related costs.”

“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: citinewsroom