Tag: Domestic Revenue
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IMF urges govt to introduce more taxes to plug revenue shortfall
The International Monetary Fund (IMF) has stated that the government must reinstate some abolished taxes and expand some existing ones in other to meet its short-term revenue projections. The Board of the Fund in its recent report on Ghana stated that the government must consider urgent tax measures like the reintroduction of the controversial 17.5…
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Gov’t working with churches to develop Charities Bill – Ofori-Atta
Finance Minister, Ken Ofori-Atta, has revealed that government is working with some Christian organizations to draft a Charities Bill that should address the issue of whether faith-based organisations should be taxed or not. “What we are really going to work with them on is to have a sub-committee that will develop a Charities Bill which…
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We’ll review all existing tax systems in 2020 — Ofori-Atta
Finance Minister Ken Ofori-Atta has revealed government’s intentions of reviewing the country’s existing tax systems to introduce more private sector-led solutions in the revenue mobilisation efforts ahead of the 2020 budget presentation next week. Mr. Ofori-Atta’s comment follows the inability of the Ghana Revenue Authority (GRA) to meets its domestic revenue mobilisation targets in the…
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Revenue targets may be too optimistic — Ofori-Atta explains GH¢5 billion shortfall
The Finance Minister Ken Ofori-Atta has described the government’s revenue target set over the past four years as somewhat over-ambitious given that tax compliance has generally not performed beyond expectations. The government’s revenue target for July 2019 fell short by GHS5 billion; prompting concerns from the International Monetary Fund (IMF) that the government needs to…
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GRA confident of meeting revenue target first time in 4 years
The Ghana Revenue Authority is confident of meeting its revenue target for 2019 having collected more than 70 percent of the target set for this year. The Commissioner-General for the Authority, Amishaddai Owusu Amoah, says enough measures have been put in place to ensure that the GH¢45 billion domestic revenue target set by the government…
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GRA risks missing 2019 revenue target as benchmark values reduction backfires
The Ghana Revenue Authority (GRA) is set to miss out on its revenue target for 2019 as the decision by government to slash the import benchmark values by about 50 percent takes a toll, Commissioner of Customs, Colonel Kwadwo Damoah has said. The customs division boss explained that the reduction in the benchmark values has…
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Reduction in benchmark values cause of revenue shortfall — Minority
The Minority in Parliament is blaming the reduction in benchmark values at the country’s ports as a major contributory factor to the shortfall in the government’s revenue. Ranking Member of the Finance Committee of Parliament, Cassiel Ato Forson explains that the policy has not yielded the needed revenue six months into its implementation. The Vice…
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Mid-year budget: Out of every 1 cedi collected as revenue, 51 pesewas is used to pay debt
Ghana’s public debt reached GH₵203.9 billion in June 2019 and the cost of servicing this debt seems to be choking government’s ability to spend on the needed capital infrastructure. The Finance Minister Ken Ofori-Atta las week presented the 2019 mid-year budget requesting to spend an additional GH¢6.4 billion in the supplementary budget. Out of this…
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Gov’t reviewing tax exemption policy to generate more revenue—Finance Minister
Government has begun a review of tax exemptions for companies operating in the country. Finance Minister, Ken Ofori Atta who disclosed this said some of the exemptions granted companies may not be relevant. The review follows concerns raised by a section of the public over waivers issued to multinational companies The Trade Ministry recently announced…