Tag: revenue
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Tax analyst urges operationalization of tax appeals board
Tax analyst Francis Timore Boi has voiced serious concerns about the non-operationalization of the tax appeal board. He emphasizes the pivotal role an efficient tax board plays in promoting equitable tax assessments and fortifying the government’s revenue collection endeavors. In an exclusive interview with Citi Business News, Francis Timore Boi urgently appealed to authorities to…
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Potential impacts of recently-introduced taxes on agribusiness in Ghana [Article]
The three new taxes introduced by the government of Ghana in 2023 – the Growth and Sustainability Levy Act (Act 1095), the Excise Duty Amendment Act 2022 (Act 1094), and the Income Tax Amendment Act 2022 (Act 1093) – have raised concerns about potential impacts on agribusiness in Ghana. While the new taxes have been…
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GRA reiterates calls for businesses to embrace E-VAT
The Ghana Revenue Authority (GRA) has reiterated calls for business operators to embrace the E-VAT system to help government rake in more revenue as part of efforts to address the economic challenges that confronts the country. The Authority explains that the piloting stages of the E-VAT system has been successful thus the need to onboard…
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Government to use windfall from petroleum sector to address revenue gaps – Ofori-Atta
Government has announced that it intends to use the windfall from the petroleum sector to address revenue gaps and aggressively improve its revenue mobilization drive. This was announced by the Minister of Finance, Ken Ofori-Atta during his presentation of the 2022 Mid-Year Budget Review in Parliament on Monday, 25th July, 2022. According to him, this…
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Finance Minister outlines seven measures to raise revenue domestically
Finance Minister, Ken Ofori-Atta, has announced some seven measures to raise revenue domestically as part of efforts to address the current economic challenges. According to him, cutting down on expenditures alone will not be enough to revive the ailing economy and that the government’s focus is two-fold: to control expenditure and to raise more revenues…
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Gov’t must invest in more long term strategies – Economist
An economist, Dr. Patrick Asuming says the government should invest in long term strategies that will rake in substantial revenue for the country. He contends that policies and tax initiatives such as the benchmark value reduction policy and the luxury income tax were short-lived and failed to serve the purpose for which they were implemented.…
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Government cuts down its expenditure by 20%
The Finance Ministry has revealed that Government has suspended 20 percent of expenditure in the 2022 budget. According to the Ministry, though Parliament has already approved government’s total expenditure for 2022, in a prudent fiscal consolidation move, government has decided to cut down its expenditure, by up to 20 percent. Speaking at a press conference…
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GRA achieves 2021 revenue target with GH¢57.32bn; highest growth in 10 years
The Ghana Revenue Authority (GRA) has exceeded its 2021 tax collections target of GH₵57.06 billion. According to the Authority, it was able to collect 57.32 billion cedis, as against a target of ¢57.06 billion projected in the 2021 budget. A statement, issued by the Ghana Revenue Authority, indicates that the figure represents a growth rate…
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We’ll introduce more strategies to rake in revenue in 2022 budget – Charles Adu Boahen
Minister of State at the Ministry of Finance, Charles Adu Boahen has hinted that government will use the 2022 budget to introduce more policies and strategies to rake in more revenue and widen the tax net. According to him, this forms part of efforts to facilitate effective and efficient mobilisation of taxes in the country.…
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Government collects GHS28.3 billion in 1st half of 2021; misses target by 13%
Government has missed its half-year revenue target by about 13%. Total Revenue and Grants from January to June this year amounted to GHS 28.3 billion as against a programed amount of GHS 32.4 billion. The government performed better on the expenditure front as it fell short of its programmed amount by about GHS 5 billion,…