GRA optimistic proposals to review tax exemptions would improve revenue collection
The Ghana Revenue Authority (GRA) says it is optimistic that moves to review the country’s tax laws would greatly improve revenue mobilization for the state.
Participants at the just ended National Economic Forum on Monday proposed a widening of the tax base and a review of the tax laws to limit exemptions granted foreign investors.
The revenue authority has over the past two years failed to meet its targets, but at the same time the country is losing billions of cedis in revenue because of tax exemptions to foreign investors.
Commissioner General of GRA, George Blankson, said the situation would change when the Senchi Concesus put forward at the National Economic Forum are fully implemented.
He said it is important for a paradigm shift from the use of tax incentives to attract investors to taking the revenue and using it to provide infrastructure.
“If we limit the scope of incentives, tax concessions and exemptions become narrower then we have a broader tax base; we collect the tax from a lot more tax payers who otherwise would have been exempted”, the GRA Commissioner General said.
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