The Ghana Revenue Authority (GRA) has disclosed its anticipation for increased success this year after beating its revenue target for 2022.
The Commissioner-General of the GRA, Rev. Dr. Amissadai Owusu-Amoah divulged in an interview that the accumulated GH¢3.6 billion was more in revenue in 2022 than it was tasked, making it the second year in a row that the tax collection and administration body has exceeded its target.
Data from GRA indicated that although the institutional body was obligated to collect GH¢71.94 billion last year, it mobilized GH¢75.54 billion at the end of the year, indicating a surplus of about five percent (5%).
The Commissioner General further disclosed that although the 2023 target was yet to be set, the authority is now poised to double its effort this year.
2022 Target
In 2022 budget, the Ghana Revenue Authority was charged to accumulate a total tax revenue of GH¢80.30 billion.
However, in the 2022 Mid-Year Budget and Economic Policy Statemen Review by the Finance Minster, Ken Ofori-Atta, the target was revised downward to GH¢71.94 billion, a reduction of GH¢8.36 billion representing 10.4%.
“I am happy to announce that by the close of the 2022 fiscal year, the authority had collected a total tax revenue of GH¢75.54 billion as against a revised target of GH¢71.94 billion, exceeding the target by GH¢3.60 billion.
“This performance represents a nominal growth of 31.5 per cent over the tax revenue collected in the 2021 fiscal year.”
Rev. Dr. Amissadai Owusu-Amoah
According to Rev. Dr. Owusu-Amoah, the higher than targeted collections for 2022 were driven by increased collections from domestic revenue and customs.
Speaking on Details of the tax mobilized, Rev. Dr. Owusu-Amoah explained that the domestic tax revenue and Customs revenue recorded a nominal growth of 28.9% and 38.4% respectively. He revealed that the total tax revenue collected by the Domestic Tax Revenue Division (DTRD) in 2022 was GH¢53.28 billion as against a target of GH¢51.75 billion. “This symbolized a positive deviation of GH¢1.53 billion (3%),” he said.
The Customs Division collected ghc22.26 billion as against a target ghc20.20 billion, exceeding the target by ghc2.06 billion.
How The Best Outcome Was Achieved In 2022 And The Target For 2023
Giving explanations to how the mobilization of tax came out as a success, Rev. Dr. Owusu-Amoah stipulated that the target was achieved mainly as a result of massive efforts by the authority, as well as strong initiative measures put in place to ensure transparency and efficiency in tax administration.
“The results prove rigorous efforts made by the authority to increase revenue mobilization, hence yielding the desired results.”
Rev. Dr. Amissadai Owusu-Amoah
Focusing on 2023 target, the Commissioner noted that a number of policy measures initiatives would be rolled out to further enhance GRA’s revenue mobilization efforts.
“The GRA will roll out some initiatives which includes the implementation of the 2.5 percent increase in the Value Added Tax (VAT) rate, Reduction in the Electronic Transfer Levy (E-Levy) rate to 1% and resumption of collection of Vehicle Income Tax (VIT).
“The rest are resumption of collection of Tax Stamp, complete reversal of the discount of import values of general goods, Home Delivery Values of vehicles, and Partnering the MMDAs in the collection of property rates. These revenue measures would go a long way to complement efforts in achieving the authority’s goals.”
Rev. Dr. Amissadai Owusu-Amoah
Rev. Dr. Owusu-Amoah urged all staff to put in extra efforts to ensure that the implementation of the new revenue measures goes smoothly.
“I encourage all staff to continuously approach their work with a great sense of commitment and enthusiasm, so that collectively we can achieve the target we have set for ourselves.”
Rev. Dr. Amissadai Owusu-Amoah
Meanwhile, the Board, Management and staff of the GRA expressed their gratitude to loyal taxpayers and customers for showing a great sense of patriotism to Ghana by honoring their tax obligations and contributing their quota to the socio-economic development.
“We strongly believe that 2023 will record greater successes for your individual businesses and you will continue to honor your tax obligations faithfully.
“We should always remember to comply with the Tax Laws of Ghana; File your tax returns on time, Pay your taxes by due dates and remember to keep proper records of your business.”
GRA Board Management
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