THE GHANA Revenue Authority (GRA) exceeded its revenue target for last year by GH¢3.6 billion, the highest in recent times.
The authority, which was tasked to collect GH¢71.94 billion last year, realised GH¢75.54 billion, representing a nominal growth of 31.5% in 2022.
The higher than targeted collections were driven by increased collections from domestic revenue and customs.
A congratulatory letter from Ammishaddai Owusu-Amoah, Commissioner-General, to management and staff of GRA, sighted by DAILY GUIDE, which stated, “In 2022, the authority was tasked to collect a total tax revenue of GH¢80.30 billion. However, in the Mid-Year Budget and Economic Policy Statement of 2022, the target was revised to GH¢71.94 billion, a reduction of GH¢8.36 billion representing 10.4%.”
“Colleagues, I am happy to announce that by close of the 2022 fiscal year, the authority had collected a total tax revenue of GH¢75.54 billion as against a revised target of GH¢71.94 billion exceeding the target by GH¢3.60 billion (i.e., 5.0%). This performance represents a nominal growth of 31.5% over the tax revenue collected in the 2021 fiscal year.
“Domestic tax revenue and Customs revenue recorded nominal growth of 28.9% and 38.4% respectively. Total tax revenue collected by the Domestic Tax Revenue Division (DTRD) in 2022 was GH¢53.28 billion as against a target of GH¢51.75 billion representing a positive deviation of GH¢1.53 billion (3%), whilst the Customs Division collected GH¢22.26 billion as against a target of GH¢20.20 billion also exceeding the target by GH¢2.06 billion (i.e., 10.2%).”
“The target was achieved mainly as a result of rigorous efforts made in the application of technological initiatives which brought about transparency and efficiency in tax administration,” he mentioned.
Some of these included the implementation of the 2.5% increase in the Value Added Tax (VAT) rate, reduction in the Electronic Transfer Levy (E-Levy) rate to 1%, resumption of collection of Vehicle Income Tax (VIT), resumption of collection of Tax Stamp, the complete reversal of the discount of import values of general goods & Home Delivery Values of vehicles, and the partnering the MMDAs in the collection of property rates.
Dr. Owusu-Amoah called on all staff to put in extra efforts to ensure that the implementation of the afore-stated plans went smoothly.
A business desk report