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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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GRA optimistic of meeting GHS42.7 billion target despite missing half-year target

byNerteley Nettey
September 14, 2020
in Business, Local Economy, Top Stories
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Acting Commissioner General of the Ghana Revenue Authority, GRA, Amishaddai Owusu Amoah, has revealed it is implementing effective and efficient strategies and systems in order to exceed the revised tax revenue target set by government in the 2020 mid-year budget.

This comes after it missed its half-year target by 6.9%.

It will be recalled that the government revised downwards the tax revenue target from GHS 47.2 to GHS 42.7 billion in the 2020 mid-year budget, due the impact of COVID-19.

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Speaking at a press briefing in Accra, Rev. Amishaddai Owusu Amoah, said that the overall target of more than GHS42 billion will be achieved, despite the outbreak of the Coronavirus pandemic.

“As an authority, we cannot continue to do business as usual. We are determined as an organisation to collectively put our shoulders to the wheel as we roll out some of the policies to achieve our ‘challenge’ target of GHS55 billion in these ‘not normal times,” he said.

He also stated that the sectors that saw significant growth over the period were mining, telecommunications and financial.

“Whatever minerals or royalty that has to be paid, is continually coming through and I must say that because there has been increase in the price of gold, from $1,500 to almost $2000, there is an increase in revenue from both the corporate income tax from the mining sector as well as the royalties,” he added.
The total tax revenue for the half-year of 2020 was GHS 19.95 billion, as against a target of GHS 21.42 billion, representing a negative deviation of 6.9 per cent.

For the period, domestic tax collected was GHS15.39 billion, exceeding a budgeted target of GHS14.77 billion, while the Customs Division of the Ghana Revenue Authority (GRA) collected GHS4.55 billion, out of the GHS6.65 billion target.

Restructuring exercise

He said the Domestic Tax Revenue Division (DTRD) of the authority had commenced the first phase of a nationwide restructuring exercise in Accra and Kumasi last August to implement some of the feedback it had received from taxpayers on improving service delivery.

“Now taxpayers will be able to file returns at the nearest taxpayer service centres (TSCs), irrespective of turnover. This will create convenience for taxpayers and free them to use their time for other productive ventures. The aim is to establish offices not on the basis of turnovers, as it was previously, but rather with respect to jurisdiction.

“At the TSCs, taxpayers can file returns, make payments, register for tax identification numbers (TIN) and tax types, make complaints, enquiries and receive tax education,” he added.

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