Efforts by the Ghana Revenue Authority (GRA) to increase revenue mobilisation are yielding the desire results, as data from the authority show that it collected more revenue in 2022 than it was tasked to do.
The data showed that GRA beat its target for last year by GH¢3.6 billion, the highest in recent times.
The authority was tasked to collect GH¢71.94 billion last year but its data indicated that revenue collections ended 2022 at GH¢75.54 billion.
It also showed that the authority grew revenues by 31.5 per cent in 2022.
According to the data, the higher targeted collections were driven by increased collections from domestic revenue and customs.
Meanwhile, the Board, Management and staff of the GRA has expressed it greatest appreciation to “our cherished taxpayers and customers who have shown great patriotism to the Nation by honouring their tax obligations and contributing their quota to the socio-economic development of our dear Nation, Ghana.”
“With your support, the Authority has been able to meet its 2022 revenue target. A total tax revenue of GH¢75.54 billion was realised representing a nominal growth of 31.5 per cent over the tax revenue collected in the 2021 fiscal year. We say Ayekoo for your all contributions. ”
According to the GRA, a number of policy measures initiatives were being rolled out this year to enhance its revenue mobilisation efforts namely the implementation of the 2.5 per cent increase in the Value Added Tax (VAT) rate and reduction in the Electronic Transfer Levy (E-Levy) rate to 1 per cent.
Resumption of payment of Vehicle Income Tax (VIT), resumption of payment of Tax Stamp for businesses in the informal sector complete reversal of the discount of import values of general goods & Home Delivery Values of vehicles.
As well as partnering with the Local Assemblies and the Ministry of Local Government, Decentralisation and Rural Development in the collection of property rates.
“We strongly believe that 2023 will record greater successes for your individual businesses and you will continue to honour your tax obligations faithfully.
Let’s always remember to comply with the Tax Laws of Ghana; File your tax returns on time; Pay your taxes by due dates; Always remember to keep proper records of your business,” the Authority concluded.