The Ghana Revenue Authority (GRA) has exceeded its 2021 tax collections target of GH₵57.06 billion.

According to the Authority, it was able to collect 57.32 billion cedis, as against a target of ¢57.06 billion projected in the 2021 budget.

A statement, issued by the Ghana Revenue Authority, indicates that the figure represents a growth rate of 26.3 per cent over the 2020 revenue and is the highest annual growth in the last ten years.

“The Domestic Tax Revenue Division collected GH₵41.23 billion. This performance is an improvement of 25.6 percent over the 2020 revenue performance. Similarly, the Customs Division collected an amount of GH₵16.08 billion, representing 26.8 percent over the 2020 performance.”

2021’s performance also signifies the highest Ratio of Tax to GDP of 13.4 percent recorded in the last five years.

It also shows that the highest year-on-year growth of 26.3 percent was recorded.

GRA attributes this achievement to various initiatives such as the digitalization of Domestic Tax Revenue Division core processes.

In addition, the Cashless Policy which allows taxpayers to pay taxes online and at the banks and the taxpayers portal, which allows taxpayers to file returns in the comfort of their homes, have brought transparency and efficiency into tax administration.

Source: citibusinessnews.com