Despite the Ghana Revenue Authority's inability to meet its revenue target of 29 billion cedis in 2016, the authority is however hopeful to meet its ‘ambitious’ GH¢34 billion 2017 target
According to the Commissioner General of the GRA, Emmanuel Kofi Nti, his outfit is hopeful of meeting its revenue target despite challenges
“With the measures that we have taken, instead of front-loading the taxes we are rather back-loading them. We are positive that with all the incentives that we are giving the private sector, we should be able to up our revenue.”
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The books of the GRA show that, the authority missed it revenue target of 29 billion cedis last year.
Figures by the Ghana Revenue Authority also revealed it was able to accrue about 27 billion cedis out of the target.
This development has however made experts cast doubt as to how realistic their target for this 2017 is, especially in the face of a one billion cedis value tax cuts announced in the 2017 Asempa budget.
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Mr. Nti believes the weak performance of the economy in 2016 reflected in the 1.2 billion deficit recorded in its revenue target
In 2016, PAYE amounted to 12.5 percent compared to a target of 15 percent. Also corporate taxes declined for the same period.
Mr. Nti also says the GRA intends to review the tax exemption regime to increase revenue.
The GRA believes that checking possible abuse of transfer pricing and illicit flows as well as strengthening capacity within the revenue authority will make it able to achieve its revenue target.