GRA To Sell Off Hippo Haulage Tracks To Retrieve Ghc1.3billion Tax

The Ghana Revenue Authority (GRA) will get a court permit to sell off the tracks belonging to Hippo General and Haulage Company if the Tema based company does not come up with the money, a source has told WhatsUp News.

According to the source, selling off assets to offset taxes owed the government is part of the standard procedure, and that the period that follows the closure of the company by a taskforce of the GRA is like the grace period for the company.

Hippo General is said to owe the GRA, whose new boss failed to impress after his predecessor was fired over his inability to meet revenue targets, some Ghc1.3billion in tax arrears.

The company is said to be distressed and in the ballpark of bankruptcy due to the fact that huge taxes, high cost of fuel and other overheads have conspired to saddle it with high operational costs.

When the GRA taskforce stormed the company’s Tema office and forced workers out to make way for a physical closedown therefore, the GRA was basically delivering the coup de grace.

The GRA, would later post pictures of a cordoned off office premises of the company on its Facebook timeline in a manner that has evoked feelings that it was probably gloating over the misfortunes of the company.

“GRA Breaking news! Hippo General and Haulage Transportation company has just been distressed for owing tax to the tune of over 1.3 billion Ghana Cedis. #GRAenforcement #OurTaxesOurFuture,” a post on the GRA’s timeline breaking the story read.

Meanwhile, it appears that Hippo Haulage is now between a rock and a hard place. It has been reported that it is facing serious financial distress and may therefore not be able to pay up the 1hopping Ghc1.3billion that the GRA says it owes.