The petroleum products landed on 21 August 2023.
The cargo was reportedly brought to The Gambia by CREED ENERGY and APOGEE, with different bank accounts ranging from Dalasi, Euro and Dollar were opened at Ecobank and Access Bank.
Between June 10th and August 29th, 2023, a total of D654, 452, 915.45 was deposited in creed energy and apogee Ecobank Dalasi account number 6240038326, whilst the Dollar account has a deposit of $532,500. In the same vein, a total deposit of D544, 692, 431.55 was lodged at the Access bank account number 001010000555.
The minister was questioned on how much tax the Gambia Revenue Authority collected from this Cargo
Responding to this question, he explained: “If an OMC lift a product from the depot, all taxes ranging from import VAT on oil, import duty on oil, import excise on oil, fuel levy on oil, PURA fees, cargo park fees, motor vehicle and road tax are calculated on that product before it exists.”
“Given the special regime of the petroleum industry, all taxes are calculated based on the uplift of the OMC and are payable between 25th and 31st of the month.”
“This particular product has paid all taxes and duty applied to it. The supply of APOGEE was incorporated in Dubai UAE and had no business present activity in The Gambia before this transaction; therefore it is not within our tax jurisdiction,” the Minister stated.
“Additionally, the income of the supply being an international supplier of goods is not taxable because the product is not a taxable income in The Gambia.”
He further explained that the OMCs as incorporated entities in The Gambia are liable to pay corporate income tax on their income for the financial year. “The trade margin which is the income of the OMCs in an oil transaction is calculated as part of the income of the entity at the end of the financial year.”
“For GREED Energy and Ultimate Beach Gambia Limited as companies incorporated in The Gambia, they are both liable to pay taxes separately in particular corporate income tax on their income,” he explained.
“It is our opinion that going by the facts and evidence received, the funds should be treated as funds held in trust to be repatriated to the supplier as a mechanism to mitigate the risk of the supplier giving the circumstances.”
“After receiving the report from the Financial Intelligence Unit, the two companies were engaged by the GRA on their business activities and obligations to file annual tax returns and asses and pay taxes.”
They are both urged to file their tax returns, and they both appealed to the management of GRA for time to sort out their accounts and pay their assesed tax for the year.”
