In contributing to the nation’s development by seeing to the continues expansion of the nation’s infrastructure and increase in job creation, the Standard Chartered Bank Ghana Limited has committed to always complying with Ghana’s tax laws.
According to the bank, it is time to push for more and continues economic growth, which will improve upon the standard of living of Ghanaians and bring some equity in the distribution of income.
The comment comes on the hills of the bank being adjudged the country’s second largest tax payer in 2017 at the largest tax payer division by the Ghana Revenue Authority (GRA).
GRA in the award which comes with a plague and citation to the bank noted that the recognition of Stanchart was appropriate because the bank consistently met its tax obligations as they willingly filed their returns and made payments on time throughout the whole year without they ever being prompted by the regulator(GRA).
At GRA’s annual awards ceremony to honour employees and other stakeholders for their performance in 2017, a citation, the GRA awarded to the bank stated that, “Your total contribution to total domestic tax Revenue in Ghana was very impressive across all tax types in the face of the economic hardship. In fact your compliance level in 2016 year of assessment was overwhelming. You were always on time in terms of payment of taxes and filing of returns. The GRA is awarding the Standard Chartered Bank, as the 2nd Best Taxpayer, Large Taxpayer Office 2017.”
In an interview with the B&FT the Chief Financial Officer & Executive Director, Standard Chartered Bank Ghana Ltd, Kweku Nimfah-Essuman who was elated said, it is rewarding to see that, complying with tax laws in Ghana, is creating shared value for the Ghanaian economy which is helping the government in its quest to sustain growth.
“Everywhere in the world, especially in developing countries have realized that higher tax revenues mean the state is able to invest and deliver a comprehensive range of public services such as schools, hospitals, the police force and social security. This allows a country to move from dependence on foreign aid and to a more sustainable and long-term approach to development,” Mr. Nimfah-Essuman said.
He further stated that, “we will continue to support Ghana’s tax administration and legislations by complying to procedures as set by the GRA and I believe that through the ongoing collaboration with the Government of Ghana, our regulators and other stakeholders, Standchart will very to ensure that the economy is healthy enough to guarantee jobs which will improve lives of the people of Ghana.”
The 17 Sustainable Development Goals set as part of the 2030 Agenda require a huge amount of financial investment and in order to fund the ambitious targets of the SDGs, developing countries are expected to contribute through raising tax revenue at home.
Ghana beyond aid, he said can only be achieved through an effective tax system that will also rope in the over 30% informal sector, most of which are not covered by the current tax net.
Standchart’s contributions to national development also include job creation and corporate social investments plus an ecosystem of suppliers and distributors who rely on the bank for the sustainability of their business.
Due to these dealers, canvassers, retailers, creative and advertising agencies, event and media agencies, research companies, printing companies, equipment providers, contractors and providers of value added services, Standchart is directly and indirectly responsible for approximately over 50,000 jobs around the country.