The tax cuts announced by the Minister of Finance, Ken Ofori Atta, notwithstanding, the Ghana Revenue Authority, GRA, has said it would meet its ambitious revenue target of GHc34 billion by the end of the year.
The tax cuts announced by the minister during his budget presentation to Parliament is expected to be in the tune of GHc1 billion.
Speaking on the target of the GRA, its Commissioner General, Emmanuel Kofi Nti, told Cuti News: “We are hopeful that in 2017, though it is challenging, we have to make it.
“With the measures that we’ve taken, instead of frontloading the taxes we are rather back loading them and with all the incentives that we are giving the private sector, we should be able to up our revenue.”
The Authority, with a lesser revenue target of GHc29 billon, was unable to meet up, raking in only GHc27 billion in 2016.
This was however attributed to challenges that crippled most of the sectors of the economy.
“The fact of the matter is that the weak performance of the economy in 2016 also reflected in the amount of taxes that were realized”, Nti said.
To meet up with its target this time around, the GRA has outlined key interventions aimed at strengthening tax collection.
These include strengthening of the performance audit of companies, checking the possible abuse of transfer pricing and illicit flows as well as strengthening capacity within the revenue authority.