The Ghana Revenue Authority (GRA) has announced a remarkable achievement in its mid-year revenue collection for 2024. As of June 30, 2024, the GRA had mobilized GHS 68.49 billion, surpassing its target of GHS 67.9 billion by GHS 138.6 million.
This accomplishment was lauded by the Commissioner-General of GRA, Ms. Julie Essiam, who attributed the success to the unwavering commitment of the Authority’s staff despite various challenges.
“With the commitment of our outstanding staff, I’m happy to announce that as of June this year, the GRA collected a total of GHC68.49 billion against a half-year budget of GHC67.9 billion, thereby exceeding the cumulative mid-year target by GHS 138.6 million, which represents a 0.2% increase,” Ms. Essiam stated. She further noted that this achievement signifies a nominal growth of 37.6% compared to the same period last year.
Ms. Essiam highlighted the monthly performance details, noting that the initial months of 2024 presented challenges in meeting revenue targets. However, a significant turnaround began in April, leading to an exceptional performance in June, where the GRA exceeded its revenue target by 21.2%.
Potential Impact of An Election Year And The Headwinds Typically
Aware of the potential impact of an election year and the headwinds typically associated with such periods, the GRA leadership team implemented a focused 90-day plan. This plan was designed to strategically reverse the negative trends observed in the first quarter. Ms. Essiam explained, “First, actualizing very specific key revenue measures, focusing on staff welfare, changing the face of the GRA by moving from an enforcement approach to a very more collaborative approach.”
One of the key components of the 90-day plan was the rollout of the flagship electronic VAT invoicing system. This initiative targeted the top 600 taxpayers, who account for 80% of VAT contributions. By June 30th, the GRA had onboarded 614 taxpayers, surpassing its initial target.
Ms. Essiam praised the DTRD team for this achievement and emphasized the importance of the VAT initiative in ensuring real-time data on taxpayers, particularly retailers. This initiative is expected to streamline the VAT regime and increase revenue transparency, with plans to onboard an additional 4,000 taxpayers.
Additionally, the GRA’s special voluntary disclosure programme was successfully rolled out, enabling resident individuals and entities to disclose previously undisclosed financial accounts or incomes abroad voluntarily. This initiative resulted in the registration of 176,524 taxpayers, exceeding the goal of 144,000.
The GRA’s strategic plan also focuses on transitioning from an enforcement-centered approach to a collaborative partner approach. Ms. Essiam announced that in August, the Commissioner Support Services will conduct training programs in customer experience approaches and ethical behaviors, aimed at improving relationships with taxpayers.
On both customs and domestic tax fronts, the GRA remains committed to pursuing the agreed tax measures announced in the 2024 fiscal year budget. Ms. Essiam expressed gratitude to the business community and all stakeholders for their support and called for continued commitment to end the year on a positive note.
The GRA’s success in mobilizing GHS 68.49 billion in the first half of 2024 demonstrates the effectiveness of its strategic measures and collaborative efforts. As the Authority continues to innovate and engage with taxpayers, it aims to maintain this momentum and achieve its year-end revenue targets.
The remarkable growth and achievements of the GRA not only reflect the dedication of its staff but also underscore the potential for further advancements in Ghana’s tax administration system.
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