Petroleum Economist and auditor, Matthew Alorvi, has argued that revenue assurance company, Strategic Mobilization Limited (SML) Ghana played a crucial role in ensuring that the right amount of taxes was paid by operators of Ghana’s downstream petroleum sector.
He insists that contrary to reports that the company’s contract with the Ghana Revenue Authority (GRA) did nothing to improve revenue collection, SML helped improve the revenue performance of GRA in the sector.
The experienced Petroleum Economist, who has hands-on experience in the sector, in an article, noted that after a thorough analysis of SML’s role in the downstream sector, it is obvious that criticism of the company’s contract with the GRA was borne out of ignorance or a lack of understanding of SML’s work.
“My investigation has shown that SML’s revenue audit and assurance control measures implemented in May 2020 in the petroleum downstream sector have closed the gap between the NPA traded volumes and the GRA taxable volumes. Before SML, why was the sector experiencing at least one OMC running away with collected tax revenue?
“Genuine answers to these critical questions will lead to the realization of the crucial role that SML plays in revenue assurance and collection of taxes due the state,” he observed.
SML contract shoots GRA’s revenue in petroleum downstream to over GH¢12bn
The Ghana Revenue Authority (GRA) recently revealed positive outcomes for the country’s revenue from the contract between Strategic Mobilisation Ghana Limited (SML) and GRA.
According to the Ghana Revenue Authority, revenue has surged by GH¢12,981,376,688.00 since the contract was signed.
This significant rise in revenue suggests that the contract has been beneficial for the country’s financial interests.