Adsense Skyscrapper

Ghana Revenue Authority Targets GHC 39.8 Billion Tax Revenue

0

The Ghana Revenue Authority (GRA) is to collect a tax revenue of GH C39.8 billion for 2018, representing an anticipated increase of 23.26 per cent over the 2017 collection of GHC 32.3 billion.

Speaking at a media soiree on Friday, the Commissioner-General GRA Mr Emmanuel Kofi Nti said the target was achievable on the back of hard work and the roll out of innovative measures in the course of the year.

“Yes, the journey may be daunting, but we believe with the introduction of adequate strategies we can surmount the hurdle,” Mr Nti said.

He said the Electronic Point of Sales Device and the Excise Tax Stamp policies, which could not be implemented, last year would commence in 2018 and are expected to increase tax revenues, reduce the incidence of VAT and Excise Duty suppression and monitoring of sales among others.

Besides, the Authority will also this year implement the VAT Amendment Act, which requires the appointment of withholding agents by the Commissioner-General to withhold payment to a VAT registered supplier of seven per cent of the taxable value of the supply and remit same directly to the Commissioner-General.

“Let me be quick to add that all these interventions are not new taxes but compliance measures to ensure that all VAT/NHIL due to government is paid,” he said.

Mr Nti said the GRA would roll out Total Revenue Integrated Processing System to the remaining 10 Domestic Tax Revenue Division offices during the first quarter of the year.

He said the Authority would also improve the infrastructure to ensure officers work in conducive environment while capacity-building programmes would continue to enhance professional performance.

On tax initiatives for economic growth, Mr Nti said Tax incentives for Young Entrepreneurs, which seeks to grant tax holidays to entrepreneurs aged 35 years and income tax threshold to protect low income earners will be implemented.

Mr Nti said there also plans to introduce a Voluntary Disclosure Procedures in the Revenue Administration Act to waive penalty on voluntary disclosures and payment of unreported and understand taxes by taxpayers.

Source: GNA

Leave A Reply

Your email address will not be published.