For the fiscal year ending December 31, 2021, the Ghana Revenue Authority (GRA) expects to collect GH 57.055 billion in gross cumulative non-oil tax revenue.
This compares to a tentative outturn (actual lodgment) of GH 45.154 billion for 2020.
Officials of the Authority declared this at a briefing with the Finance Committee of Parliament to review the projections for the year ending 2021, according to a report by the Finance Committee of Parliament.
According to the study, the Ghana Revenue Authority’s 2021 spending budget would be financed by regulatory revenue preservation, which will be collected from a forecast revenue target of GH57.055 billion.
The retention amount given for the year 2021 is roughly 2.58 percent of tax income, with a spending allocation of GH1.47 billion.
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The GRA revealed efforts to ramp up compliance, including audits, intelligence, and prosecutions, as well as eliminate tax leakages in “Suspense regimes.”
It has revealed intentions to increase sales production during the year.
The initiatives include broadening and expanding the tax net to include the informal economy, increasing domestic and international VAT yields, and developing taxation structures for new e-commerce and high-net-worth individuals.
Increased taxpayer knowledge and simplified interfaces for tax collection systems will also encourage voluntary tax and customs enforcement.
They will also go digital to use technologies to improve revenue administration, especially by contributing to the introduction of TRIPS to maintain reliable and successful revenue administration programs, enhancing the cost competitiveness and quality of administration by personnel rationalization, and incorporating management information and data management systems.
Meanwhile, the House approved a GHC 1.47 billion expenditure for the GRA’s operations for the fiscal year ending in 2021.
SOURCE: ATLFMONLINE
