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The Ghana Revenue Authority exceeded its revised revenue target of GHc42,769.50 billion for the year 2020.
This was revealed by the Acting Commissioner General of the Ghana Revenue Authority Rev. Ammishaddai Owusu-Amoah.
According to him, the authority was initially budgeted to collect tax revenue of GH¢47,253.95 billion for the 2020 fiscal year.
This represented a 7.6% growth over the actual tax revenue collections of GH¢43,907.12 billion for the 2019 fiscal year.
However, as a result of the impact of the COVID-19 global pandemic, the budget was revised to GH¢42,769.50 billion.
This represents 2.6% negative growth over the actual revenue collection of GH¢43,907.12 billion for 2019.
However, speaking to the media at a press soiree in Accra, the acting commissioner with excitement announced that despite the COVID-19 pandemic and its negative impact on businesses, the GRA was able to meet its 2020 revised revenue target.
The Authority was tasked to collect a revised tax revenue target of
GH¢42,769.50; as of December 2020, we had collected GH¢45,338.69 million exceeding the budget by GH¢2,569.19 million thus, with a positive deviation of 6.0%.
He added, though the GRA is yet to know from the Finance Ministry its revenue target for the year 2021, “it has set for itself an aggressive target to collect a provisional tax revenue of GH¢60 billion. This constitutes a 32.3% increase over the 2020 actual collection.”
He further stated, the Introduction of New Excise Tax Stamps, TIN/Ghana Card Replacement, E-Commerce, Restructuring of Domestic Tax Revenue Division, Deployment of Information Technology Tools, Tax Education among others are all part of the strategies to ensure the commission realizes its 2021 target.
He advised members of the public to be tax compliant “…so that together we can mobilize the needed revenue for national development and to get to the position whereas in a country, we can be totally self-reliant and help to achieve the objectives of “Ghana Beyond Aid.”