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Ghana assigned ‘Partially Compliant’ rating on EOI request standard

M.Cby M.C
June 2, 2021
Reading Time: 3 mins read
M.Cby M.C
in Economy, Sub Top Stories, Sub Top Stories2
0
Ghana assigned ‘Partially Compliant’ rating on EOI request standard

Mrs. Jemima Oware, Registrar-General

The Global Forum has assigned a ‘partially compliant’ rating outlook to Ghana in terms of Exchange of Information request (EOIR), a substantive requirement for international tax cooperation.

Tackling illicit financial flows and ensuring tax transparency after almost 5 years of undergoing two peer reviews of EOIR still places Ghana two levels below ‘full’ Compliance. Thus, indicating partly implementation of the EOIR standard.

In a report released by the Global Forum for Transparency and Exchange of Information for tax purposes, Ghana is named among countries such as Botswana, Liberia and Seychelles with same ratings as above.

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Considering the foregoing, the main issues highlighted pertain to the availability of legal and beneficial ownership information, accounting information and the organization and processes for a timely exchange of information.

On these fronts, Ghana faces a number of deficiencies and gaps which require urgent attention to tackle the over US$6 billion lost to illicit financial flows every year in the extractives industry.

Recent efforts towards the implementation of the EOIR standards have been evident in the Companies Act, 2019 (Act 992), authorizing companies to file information on ultimate owners. According to Ghana’s Registrar-General, Mrs. Jemima Oware, companies have up to June 30, 2021 to comply with the regulation or risk being sanctioned.

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In addition, Ghana has planned the establishment of the Beneficial Ownership registry, albeit these efforts may be rendered ineffective without considerations to very robust systems in place.

A recent webinar by the Extractive Industries Transparency Initiative (EITI), addressing similar issues in Latin America and the Caribbean region revealed that information on ownership of companies is still unknown in most of the countries who have beneficial ownership regulations and established registries.

Conditions that may hinder proper implementation

According to the body, 18 countries have beneficial ownership regulations and 8 have established registries. However, hardly can it be said that any of the registries have been made publicly accessible.

Minimizing loopholes is very critical to ensure that the fight against illicit financial flows, fraud and corruption is won. Regards the law on beneficial ownership, the EITI proposes that companies must be adequately clear on what they need to disclose.

Meanwhile, disclosure of personal information for access by the public has been considered as having the potential of jeopardizing personal safety, thus, a reason for non-disclosure. And in the Latin America and Caribbean region, this is a huge challenge.

According to EITI, this dilemma does not come in, especially where ownership or interests in a company are shared by public officials and civil servants. The strongest notion put across is that, the argument for the interest of persons cannot be put above national interest.

And that individuals wield a social necessity to disclose information that is beneficial for the national good. Particularly, persons who are politically exposed and firms that enter into agreements with government have a responsibility to be open to the public.

In order to move up from partial compliance to compliance, Ghana must turn commitment into action by implementing these EOIR standards. There should be adequate information and engagement between the Registrar-General’s department and companies to ensure loopholes are curtailed and companies comply.

READ ALSO: Ghana likely to miss tax-to-GDP ratio target of 20% by 2023

Tags: beneficial ownershipcomplianceillicit financial flowslegaltax
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