After exceeding its income target for 2022, the Ghana Revenue Authority (GRA) is poised for more success this year.
The authority collected GH¢3.6 billion more in income than it was expected to collect in 2022, marking the second year in a row that the tax collecting and administration agency has surpassed its objective.
According to GRA data, despite being charged with collecting GH¢71.94 billion last year, the authority mobilised GH¢75.54 billion at the end of the year, representing a 5% surplus.
The 2022 collection also revealed that the authority’s revenues increased by 31.5 percent in 2022, the highest rate in recent years.
Dr Amissadai Owusu-Amoah, Commissioner-General of GRA, stated in an interview that the results demonstrated that the authority’s efforts to improve income mobilization were achieving the intended outcomes.
He noted that higher-than-expected receipts for 2022 were driven by increasing domestic income and customs collections.
Dr. Owusu-Amoah attributed the result to staff commitment and taxpayer participation.
Although the target for 2023 has yet to be determined, he stated that the authority is now planning to quadruple its efforts this year.
GRA is been charged with collecting GH¢80.30 billion in total tax collection by 2022.
However, in the 2022 Mid-Year Budget and Economic Policy Statement, the target was reduced to GH¢71.94 billion, a 10.4 percent cut.
“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,” he said.
Dr. Owusu-Amoah stated that domestic tax revenue and Customs revenue both increased nominally by 28.9% and 38.4%, respectively.
He stated that the Domestic Tax Revenue Division (DTRD) collected GH¢53.28 billion in tax revenue in 2022, compared to a target of GH¢51.75 billion.
This, he noted, constituted a GH¢1.53 billion positive deviation.
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He stated that the Customs Division collected GH¢22.26 billion against a target of GH¢20.20 billion.
He also stated that Customs surpassed the goal by GH¢2.06 billion.
According to him, the objective was met primarily as a result of the authority’s tenacious efforts, which increased openness and efficiency in tax administration.
Looking ahead to 2023, the Commissioner stated that a variety of policy changes will be implemented to strengthen the GRA’s income mobilization efforts.
He stated that the measures included the adoption of a 2.5% rise in the Value Added Tax (VAT) rate, a 1% reduction in the Electronic Transfer Levy (E-Levy), and the restart of Vehicle Income Tax collection (VIT).
Others, he added, were the resumption of Tax Stamp collection, the total reversal of the discount on import values of general items and home delivery values of cars, and collaboration with MMDAs in the collection of property taxes.
He stated that these financial strategies will help supplement efforts to achieve the authority’s aims.
He asked all employees to go above and beyond to guarantee the seamless implementation of the new revenue measures.
“Let’s all staff continue to approach their work with a great sense of commitment and enthusiasm so that collectively we can achieve the target we have set for ourselves,” he added.
Meanwhile, the GRA’s Board of Directors, Management, and Staff have conveyed their heartfelt gratitude to valued taxpayers and customers for demonstrating tremendous patriotism to the nation by honoring their tax duties and giving their quota to the nation’s socioeconomic growth.
It said: “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,” board and management of GRA said.
SOURCE: BBCNEWS
