GHANA REVENUE AUTHORITY TARGETS 8.745 BLN USD TAX COLLECTION IN 2018
ACCRA, The Ghana Revenue Authority (GRA) has set a target to collect total tax revenues of 39.8 billion Cedis (about 8.745 billion US dollars) for 2018, representing an anticipated increase of 23.26 per cent over the 2017 collection of 32.3 billion Cedis.
GRA Commissioner-General Emmanuel Kofi Nti says the target is achievable with 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, Nti told journalists,
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 collections, reduce the incidence of Value-Added Tax (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 the amount directly to the Commissioner-General.
Nti also said the GRA would roll out the Total Revenue Integrated Processing System to the remainng 10 Domestic Tax Revenue Division offices during the first quarter of the year. The authority will also improve the infrastructure to ensure officers work in conducive environment while capacity-building programmes will continue to enhance professional performance.
Source: NAM NEWS NETWORK