Gov’t to outline new measures to address revenue shortfalls

The Finance Minister Seth Terkper is likely to outline new measures  to address revenue mobilization challenges currently facing the country when he  presents the mid-year review of the 2014 budget.

The review could  see government revise its  marco economic targets set out for this year’s budget  and some new policies to stabilize the economy.

The current economic difficulties facing the country has affected efforts to raise the required revenue to match government’s  operations.

The country  for first three months of this year failed  to collect the GHÈ»5.7 billion revenue target set out in the 2014 budget.

This challenge has been influenced by declining prices of  Ghana’s traditional export commodities like Gold and cocoa  and cut in donor funding because of the country’s middle income status.

Donor partners have also withheld their support due to concerns with the management of the economy.

Ghana Revenue Authority has had difficulties in meeting targets set for the various tax types because of  recent energy crises that hit the country.

A source close to the Authority told  Joy Business that the recent tax hikes has further cast shadows in efforts to improve revenue mobilized from businesses.

Analyst  see the review, which is expected to before the end of this month, as one of the major interventions by government to help stabilize the economy.

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