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GRA exceeds revenue collection target for 2021 by GH¢265 million

Business News of Monday, 17 January 2022

Source: classfmonline.com

2022-01-17

A total of GH¢57.32 billion in revenue was collected by the Authority in 2021

The Ghana Revenue Authority (GRA) beat its target for the year 2021 by GH¢265.39 million.

A total of GH¢57.32 billion in revenue was collected by the Authority in 2021 against the GH¢57.055 billion target.

This is as a result of the removal of loopholes for tax avoidance by some multinationals in the extractive sector, paying increased attention to sectors of the economy that showed growth and the deployment of digital and specialized monitoring platforms for tax collection purposes.

The total amount collected by the authority last year was about 0.5 percent or GH¢265.39 million over the target for GRA set by the government.

The ratio of tax to gross domestic product (GDP), measuring the share of economic output collected in taxes to fund development, rose to 13.4 percent following recent years of hanging around 12 percent.

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