• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, May 17, 2022
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
No Result
View All Result

GRA Lauds Transformation Agenda For Improved Revenue Collection

January 19, 2022
Stephen KotochiebyStephen Kotochie
in Economy, One Top Story
0
GRA Lauds Transformation Agenda For Improved Revenue Collection

GRA Head Office - Accra

The Ghana Revenue Authority (GRA) has lauded its transformation agenda for its improved revenue collection, especially the digitalization of Domestic Tax Revenue Division core processes.

According to the GRA, it exceeded its 2021 revenue target by 0.5 percent despite the challenges that businesses continue to face in Ghana and across the world.

The revenue collection target for the Authority for 2021 was GH₵57.055 billion but the GRA indicated that the actual collection came to GH₵57.32 billion. In nominal terms, the GRA noted that it exceeded its 2021 target by GH₵265.39 million.

RelatedPosts

Ghana Among 3 African Countries Likely To Hike Policy Rate In May

Introduce Cash Transfer Scheme To Cushion Citizens Against Rising Cost of Living –  Dr. Opoku

ISSER Urges Gov’t to Bring Back Tollbooths As a Fiscal Measure

This performance, according to the GRA, represents a growth rate of 26.3% over the 2020 revenue and is the highest annual growth in the last ten (10) years. The GRA disclosed that the country’s tax to GDP ratio in 2021 was 13.4 percent, the highest recorded in the last five years.

Meanwhile, the tax Buoyancy which measures the efficiency and responsiveness of Tax Revenue mobilization to Growth in the Economy also improved to 1.7 in 2021 from 0.3 percent in 2020. Data available showed that the current tax buoyancy rate is the highest recorded since 2017. Studies have shown that tax buoyancy responds to the business cycle and can also be a good output stabilizer in the short run.

Z
Rev. Dr. Ammishaddai Owusu-Amoah, Commissioner-General of GRA

“The achievement of the target can be attributed to a number of initiatives under the GRA Transformation Agenda. Key amongst these initiatives are the digitalization of Domestic Tax Revenue Division core processes. In addition, the Cashless Policy which allows taxpayers to pay taxes online and at the banks and the taxpayers portal which allows taxpayers to file returns in the comfort of their homes, have brought transparency and efficiency into tax administration”.

GRA

Performance of the tax divisions

A further breakdown showed that the Domestic Tax Revenue Division collected GH₵41.23 billion last year. This performance is an improvement of 25.6% over the 2020 revenue performance, the GRA disclosed. Similarly, the Customs Division collected an amount of GH₵16.08 billion representing 26.8% over the 2020 performance.

 In recent years, revenue targets have been consistently reviewed downwards to reflect prevailing economic conditions. However, the GRA noted that in 2021, there was no downward revision in the revenue target during the mid-year review.

Even though the revenue target for 2021 was revised downward, Finance Minister, Ken Ofori-Atta disclosed that government did not revise the target for GRA as the authority gave the assurance even before the end of the year that it was going to meet its target.

In the Customs Division, the GRA noted that the introduction of Integrated Customs Management Systems (ICUMS) has streamlined Customs Operations and helped increase tax collection at the country’s entry points.  The Authority also praised the workers for their commitment to improving the country’s revenue collection.

“The introduction of downstream petroleum monitoring activities has also contributed to the increase in Customs revenue collection. Most importantly, these achievements in 2021 are also due to an improved and positive work attitude by the Management and Staff of the Authority. Their commitment to this performance cannot be understated”.

GRA

READ ALSO: There’s No Policy Document For A Proposed Semester System- Kofi Asare

Tags: Cashless policyCustoms DivisionGDPGRAKen ofori-attarevenue target

Send your news stories to [email protected] and via WhatsApp on +233543050759.

Related Posts

Ghana Named Among 3 African Countries Likely To Hike Policy Rate This Month
Economy

Ghana Among 3 African Countries Likely To Hike Policy Rate In May

May 17, 2022
Introduce Cash Transfer Scheme To Cushion Citizens Against Rising Cost of Living - Dr. Opoku
Economy

Introduce Cash Transfer Scheme To Cushion Citizens Against Rising Cost of Living –  Dr. Opoku

May 17, 2022
Bring Back the Road Tolls Now- Economist Charges Government
Economy

ISSER Urges Gov’t to Bring Back Tollbooths As a Fiscal Measure

May 15, 2022
Collateralizing E-levy Will Create Problems for Future Governments- Prof Bokpin
Economy

Collateralizing E-levy Will Create Problems for Future Governments- Prof Bokpin

May 14, 2022
Ghana: US$751.5 Million AfDB-Sponsored Projects Underway
Economy

Ghana:US$751.5 Million AfDB-Sponsored Projects Underway

May 14, 2022
I Have Given Up All Hope In This Government — Economist
Economy

I Have Given Up All Hope On This Government — Economist

May 13, 2022

Leave a Reply Cancel reply

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

Previous Post

There’s No Policy Document For A Proposed Semester System- Kofi Asare

Next Post

New Zealand Navy Ships Head to Tsunami-hit Tonga with Water and other supplies

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
mine
Extractives/Energy

Orca Gold Shareholders “Overwhelmingly” Approve Acquisition by Perseus

by Stephen AbankwahMay 17, 2022
NPP to release flagbearer aspirant guidelines soon- John Boadu
General News

NPP Avers It’s Early For Presidential Candidate Suggestion

by Priscilla KorantengMay 17, 2022
Formulate Policies on Aging By Leveraging Available Data- Head of Demographics Statistics
Pension

Formulate Policies on Aging By Leveraging Available Data- Head of Demographics Statistics

by Stephen M.CMay 17, 2022
Passenger Who Landed Plane Without Experience Shares His Story As His Identity Is Revealed
Entertainment

Passenger Who Landed Plane Without Experience Shares His Story As His Identity Is Revealed

by Dorcas DamehMay 17, 2022
Ghana Named Among 3 African Countries Likely To Hike Policy Rate This Month
Economy

Ghana Among 3 African Countries Likely To Hike Policy Rate In May

by Stephen KotochieMay 17, 2022
Take Pig Farming as a Business- Pig Farmers Association
Agribusiness

Take Pig Farming as a Business- Pig Farmers Association

by Deborah Dzifah TamakloeMay 17, 2022
mine
NPP to release flagbearer aspirant guidelines soon- John Boadu
Formulate Policies on Aging By Leveraging Available Data- Head of Demographics Statistics
Passenger Who Landed Plane Without Experience Shares His Story As His Identity Is Revealed
Ghana Named Among 3 African Countries Likely To Hike Policy Rate This Month
Take Pig Farming as a Business- Pig Farmers Association
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In