Thursday, 26 May

2021: GRA exceeded revenue collection target by GHS265m

Business
A total of GHS57.32 billion in revenue was collected by the Authority in 2021 against the GHS57.055 billion target

The Ghana Revenue Authority (GRA) beat its target for the year 2021 by GHS265.39 million.

A total of GHS57.32 billion in revenue was collected by the Authority in 2021 against the GHS57.055 billion target.

This is as a result of the removal of loopholes for tax avoidance by some multinationals in the extractive sector, paying increased attention to sectors of the economy that showed growth and the deployment of digital and specialised monitoring platforms for tax collection purposes.

The total amount collected by the authority last year was about 0.5 per cent or GHS265.39 million in excess of the target for GRA set by the government.

The ratio of tax-to-gross domestic product (GDP), measuring the share of economic output collected in taxes to fund development, rose to 13.4 per cent following recent years of hanging around 12 per cent.

 

 

Source: classfmonline.com/Elikem Adiku