Get Your Child An  iLearn Tablet Now!
MEDIA
Javascript DHTML Drop Down Menu Powered by dhtml-menu-builder.com
General News | ‘2018 revenue target challenging but achievable’

Wed, 24 Jan, 2018

The Ghana Revenue Authority’s (GRA) revenue collection target of GH¢39.8bn is achievable with suitable revenue collection strategies and dedication of staff, Commissioner-General of the GRA, Mr. Emmanuel Kofi Nti, has said.

“The target is achievable on the back of hard work and the rollout 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 hurdles,” said Mr. Nti.

 

Speaking at a media Soiree in Accra to deepen the Authority’s relationship with the media, Mr. Nti explained that the Electronic Point of Sales Device and the Excise Tax Stamp policies, which could not be implemented last year, will commence in 2018 and are expected to increase tax revenues, reduce the incidence of Value Added Tax (VAT) and Excise Duty suppression, and monitoring of sales among others.

 

The Authority this year, will also 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 percent of the supply’s taxable value 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 will roll out the Total Revenue Integrated Processing System to the remaining 10 Domestic Tax Revenue Division offices during first quarter of the year.

 

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

 

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

 

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

 

2017 revenue performance

 

In 2017, the Authority recorded a nominal growth rate of 22.3% over the 2016 collection figures.
GRA collected GH¢32.3billion (GH¢32,313.37billion), compared to the GH¢27billion of 2016.

 

In 2017, the GRA was tasked to collect GH¢33,434.20 billion. As of the end of the year, the provisional collection figure is GH¢32,313.37billion. This represents a shortfall of GH¢1.1billion (GH¢1,120.83million), a negative deviation of 3.4%.

 

In 2016 the GRA was charged to collect GH¢29 billion, but it was able to collect only GH¢27.8billion, recording a shortfall of GH¢1.2billion.

 

Even though the 2016 target was not achieved, the revenue performance represents a nominal growth of 25.4 percent.

 

Mr. Nti explained that when he assumed office last year, collection in terms of the US dollar was stagnant in the region of US$6.8–6.9billion. For 2017, he said, collection rose to US$7.6billion – representing a break from the trend.

 

Direct collection was GH¢13.3billion as against a target of GH¢12.8billion.

 

On the other hand, GH¢6.3billion of indirect taxes was collected, as against a target of GH¢6.7billion. The Customs Division was given a target of GH¢13.9billion, but was able to collect GH¢12.7billion.

 

“The Authority really put up a sterling performance – especially in the last six months, but still fell short of the target marginally,” Mr. Nti stated.

 

Source: https://thebftonline.com

News

Our Products

Lorem ipsum dolor sit amet, consectetuer adipiscing elit orem ipsum dolor sit amet, consectetuer adipiscing elit

 

Our Products

Lorem ipsum dolor sit amet, consectetuer adipiscing elit Lorem ipsum dolor sit amet, consectetuer adipiscing elit

LATEST NEWS
Sarkodie drops 'Light It Up' featuring Big Narstie and Jayso
24.Jan.18 | Support government’s free education to end child labour - Presiding Member
24.Jan.18 | Old Abirem model school gets GH¢366,000.00 classroom block
24.Jan.18 | Ghana to adopt German TVET model to spark industrialisation
21.Jan.18 | Sarkodie drops 'Light It Up' featuring Big Narstie and Jayso
21.Jan.18 | Former President Kufour becomes first chancellor of UMaT
21.Jan.18 | KNUST introduces BSc. Programme in Community Health

Unique sessions: 735362 | Page hits: 938033

UniRank releases top Universities in Ghana
Accra, Jan. 8, GNA - UniRank, an international higher education directory that reviews accredited Universities and Colleges in the world has released the 2017 top universities in the country’s educational curriculum....
GHANA SCHOOLS
Pre-School/Creche
Primary Schools
Remedial Schools
Physically Challenged Institutions
Public Universities
Private Universities
Polytechnics
Technical Schools
Vocational Schools
Teacher Training College
Nursing Training College
Senior High School
Junior High Schools
MEDIA
Sports News
Upcoming Events
Education News
Social Basket
Entertainment News
Politics
General News
Sports
FEATURES
Personality Profiles
In Need of Assistance
Anis Haffar Writes
On Education
Dei Tumi: It's Possible
NSMQ2016
Celebrity Watch
Dr. Chisom Chioma Ibe
Alex Acquah
Lifestyle & Articles
RESOURCES
Admissions
Scholarship Opportunities
Form Downloads
Short Courses
Internships
CONTACT US
Become A GSO Representative
GSO Helping Hand Project
Promote Your Event
List Your School
Submit A General Feedback
NEWS
21.Jan.18
UG Distance Education students to participate in businesses programme
21.Jan.18
University of Ghana to review undergraduate programmes
21.Jan.18
Prof Ameko urges universities to prepare students for job market
18.Jan.18
First Lady launches "Girls Can Code" project
18.Jan.18
Give children good role modeling – Department of Children
DOWNLOADS  |   DREAM JOBS  |   THE PROJECT  |   GHANA SCHOOLS  |   DIRECTORATE  |   RESOURCES  |   MEDIA  |   FEATURES  |   EVENTS  |   GALLERY  |   GSO FAN ZONE  |   CONTACT US  |  
Copyright 2012 Dothouse Foundation. All rights reserved
powered by Dothouse Company Ltd.