Accra, Jan 20, -The Ghana Revenue
Authority (GRA) is to collect a tax revenue of GH₵39.8 billion for 2018, representing an anticipated increase of
23.26 per cent over the 2017 collection of GH₵32.3 billion.
Speaking at a media soiree on
Friday, the Commissioner-General GRA Mr Emmanuel Kofi Nti said the target was
achievable on the back of hard work and the roll out 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 hurdle,” Mr Nti said.
He said the Electronic Point of
Sales Device and the Excise Tax Stamp policies, which could not be implemented,
last year would commence in 2018 and are expected to increase tax revenues,
reduce the incidence of VAT and Excise Duty suppression and monitoring of sales
among others.
Besides, the Authority will also
this year 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 per cent of the taxable value of the supply 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 would roll
out Total Revenue Integrated Processing System to the remainng 10 Domestic Tax
Revenue Division offices during the first quarter of the year.
He said the Authority would also
improve the infrastructure to ensure officers work in conducive environment
while capacity-building programmes would continue to enhance professional
performance.
On tax initiatives for economic
growth, Mr Nti said Tax incentives for Young Entrepreneurs, which seeks to grant
tax holidays to entrepreneurs’ aged 35 years and income tax threshold to
protect low income earners will be implemented.
Mr Nti said there also plans to
introduce a Voluntary Disclosure Procedures in the Revenue Administration Act
to waive penalty on voluntary disclosures and payment of unreported and
understand taxes by taxpayers.
GNA
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