Business

Ghana Revenue Authority Exceeds 2020 Revenue Target

The Ghana Revenue Authority (GRA) has said that it exceeded its revised revenue target of GH¢42,769.50 million for last year by mobilising GH¢45,338.69 million.

Following the achievement, the authority has set for itself a target of GH¢60 million for this year, even before the Ministry of Finance announces the amount the government expects from the GRA.

The revenue target for this year (2021), which the authority has described as “an aggressive target,” will constitute a 32.3 per cent increase over last year’s revenue collection target.

The GRA was tasked to collect a total tax revenue of GH¢47,253.95 million for the last year.  The amount represented 7.6 per cent growth over the tax revenue collections, amounting to GH¢43,907.12 million for the 2019 fiscal year.

The 2020 revenue target was, however, revised to GH¢42,769.50 million as result of the global impact of COVID-19.

The Acting Commissioner-General of the GRA, Mr Amishaddai Owusu-Amoah, made this known last Friday during interactions with journalists in Accra.

He said: “I am delighted to announce that despite the COVID-19 pandemic and its negative impact on businesses, the GRA was able to meet its 2020 revised revenue target.”

He said as of December 2020, the GRA had exceeded its target by GH¢2,569.19 million, representing a positive deviation of 6.0 per cent.

That was achieved, he said, because of a number of strategic measures the authority had adopted.

He said the strategies included the roll out of the Integrated Customs Management Systems (ICUMS), the partial roll out of the Integrated Tax Application and Preparation System (ITaPS) for online filing of Personal Income Tax for employees, increased tax compliance, strengthening of audits and the set-up of a new department known as the Tax Audit and Quality Assurance Department.

He added that, the GRA undertook a number of exercises that forced defaulting taxpayers to pay up taxes they owed the state, including interest and penalties.

“The authority undertook a number of compliance exercises that unearthed revenue that otherwise would have gone undetected. It also blocked some loopholes,” Mr Owusu-Amoah said.

Moreover, the GRA boss said, heightened operations in the mining, financial and telecommunication sectors in spite of the outbreak of COVID-19 also contributed to the authority’s improved performance.

For any adverts kindly send your ads or stories via email – bibiniproduction@gmail.com or WhatsApp 0557449200

SUBSCRIBE to our YouTube Channel @bibinitv Instagram @bibini_tv Twitter @bibiniqwaku

Source: GNA

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: