Strategic Mobilisation Ghana Ltd (SML) has refuted assertions that it received GH¢1,061,054,778.00 in compensation for its revenue mobilisation contract with the Ghana Revenue Authority (GRA).

Following a directive from President Nana Akufo-Addo on January 2, KPMG conducted an audit of the contract between GRA and SML.

In its report submitted to the President, KPMG revealed that SML had been paid a cumulative sum of GH¢1,061,054,778.00 from 2018 up to the present date.

However, SML has responded, challenging KPMG's findings.

In their statement, they contended that KPMG had presented the compensation figure "without reference to the investments made and the taxes paid" during the reviewed period.

SML highlighted that KPMG's report failed to acknowledge that 31.5% of the total compensation was deducted as GRA taxes.

They asserted that this omission created a skewed perception of the true relationship between the compensation and the investments and associated costs incurred by SML.

SML further criticised KPMG for not accounting for interest payments of 32% and investment repayments made by SML, along with other taxes and duties incurred over the contract period. They described this omission as highly misleading.

In their rebuttal, SML sought to clarify the complexities of their financial arrangement with GRA, emphasising the need for a comprehensive understanding of the contractual dynamics.

“KPMG quotes a figure as compensation to SML. It is interesting to note that this figure is quoted without reference to the investments made and the taxes paid by SML over the period within the consolidated contract. The compensation of GH¢1,061,054,778.00 stated by KPMG is inaccurate”, SML insisted.

“SML finds that KPMG’s failure to state GRA taxes of 31.5% taken before payment, interest payments of 32% plus the investment repayment made by SML, and other taxes/duties over the period creates a very unbalanced impression of the relationship between the compensation and the investment and other related costs. This omission is highly misleading.”