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GRA to enhance revenue generation in 2021

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The Ghana Revenue Authority (GRA) has announced measures to enhance revenue generation in 2021.

These measures are to widen and increase the tax net to cover the informal sector, increase the domestic and external VAT yield, and develop mechanisms for taxation of emerging e-commerce and high net worth individuals.

It would also promote voluntary tax and customs compliance through increased taxpayer education and simplifying their interfaces with tax payment platforms.

According to a report of the Finance Committee of Parliament, officials of the Authority announced the measures at a meeting with the committee to consider the estimates for year ending 2021.

The report said the GRA had projected to take in total non-oil tax revenue (Gross) of GH¢57,055.57 million for the year ending 31st December, 2021.

This is as against the 2020 provisional outturn (actual lodgement) of GH¢45,154.38 million.

The report said the 2021 Expenditure Budget of the Ghana Revenue Authority would be funded from the statutory revenue retention to be derived from a projected revenue target of GH¢57,055.57 million.

At an expenditure budget of GH¢1,471.89 million the retention level granted for the year 2021 comes to approximately 2.58 per cent of tax revenue.

The GRA announced that it intended to strengthen enforcement, including investigation, intelligence and prosecutions and minimise revenue leakages in suspense regimes, where for example, temporary export of goods are intended to return in the same condition as exported.

It will go digital and use technology to transform revenue administration, particularly through committed implementation of TRIPS (Trade-related Aspects of Intellectual Property Rights) to ensure efficient and effective revenue administration services.

Source:GNA

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