tax revenue Archives - Wontumi Online

13 Apr

Ghana’s Tax Revenue To Grow Strongly In 2023 And Subsequent Years – IMF

wontumionlineBusinessApril 2023 Fiscal Monitor Report, Expenditure, GRA, imf, tax revenue

Ghana’s tax revenue is expected to grow strongly this year and the next five years, the International Monetary Fund April 2023 Fiscal Monitor Report has revealed. According to the report, the country’s tax revenue to Gross Domestic Product (GDP) is estimated at 17.2% in 2023. This is from 15.6% recorded in 2022. Per the figures, the country’s tax-to-GDP ratio will inched up to 17.9% in 2024 and then expand further to 18.4% in 2025. It will subsequently inched up to 18.7% in 2026 and remain stable in 2027 and 2028 respectively. This will almost push the tax revenue to the…

We Need To Close Tax Revenue-To-GDP Ratio – Ofori-Atta To GRA

wontumionlineBusinessGRA, Ken Ofori Atta, tax revenue

Finance minister, Ken Ofori-Atta, has applauded the Ghana Revenue Authority (GRA) for putting in efforts to mobilise revenue for the country beyond its target. The GRA has reported over ¢3 billion above its revenue target for 2022. Speaking to Joy Business after inaugurating the Independent Tax Appeals board in Accra, Mr. Ofori-Atta said more will be needed from the authority in order to close revenue leakage and boost the tax revenue to Gross Domestic Product (GDP) ratio gap, which presently hovers around 14%. Establishment of the board is aimed at promoting fairness in tax administration and boosting investor confidence in…

Leverage Recent Digitalisation Drive To Expand Tax Base, Close Fiscal Deficit – Deloitte To Government

wontumionlineBusinessdeloitte ghana, non-tax revenue, revenue deficit, tax revenue

Auditing firm, Deloitte Ghana, has urged the government to leverage its recent digitalisation drive and registration of citizens by the National Identification Authority (NIA) to expand its tax base and generate more revenue. Again, it wants current tax policies to be strongly implemented to generate more revenue. Government missed its revenue target of ¢43.4 billion for the first half of the year by ¢5.6 billion. The revenue deficit was largely due to shortfalls in non-oil tax revenue which fell short by ¢4 billion representing 12.7% of target for the period and the delay in implementing some revenue measures, particularly the…