Accra, Jan. 05, GNA - The Management of Internal Revenue Service (IRS) on Friday refunded seven billion cedis as overpaid taxes to nine companies.

They are the first batch of 24 companies whose taxes were audited last year and realised they deserved repayment of withholding taxes. The companies are, Midland International Ghana Limited, Global Haulage Company Limited, Belshaw Limited, Intraveneous Infusions Limited and Seapong Construction.

The rest are Byes and Waves Limited, Wilham Limited, OTR Tyres Ghana Limited and Banlaw African Limited.

Major Dan Ablorh-Quarcoo (Rtd), Commissioner of IRS presenting cheques to representatives of the companies, said the action was to demonstrate to taxpayers and the public that IRS was determined to 93go by the laws that regulates tax collection in the country". He explained that some aspects of the tax law stipulated that when taxpayers overpaid taxes, such monies should be refunded to ensure integrity of IRS.

Major Ablorh-Quarcoo said the process of refund was ongoing and more companies would be audited and when found to deserve a refund would be done, adding, 93Once a while when necessary, IRS will refund monies to companies to maintain trust between the companies and the Service". He advised managements of companies to pay their taxes promptly for better relations this year.

Mr Ralph Tuffuor of Midland International Limited on behalf of the companies expressed appreciation for the gesture and said it would enhance cash flow for the companies.