\n
The Ghana Revenue Authority (GRA) has said it is well on course to achieving this year\u2019s tax target of GH\u00a2146billion, considering key successes recorded in the Authority\u2019s mid-year collection performance.<\/strong><\/p>\nBriefing the media on the Authority\u2019s mid-year 2024 performance, GRA Commissioner-General Julie Essiam said a total of GH\u00a268.49billion against a half year budget of GH\u00a267.9billion has so far been collected.<\/p>\n
This, she said, exceeded the cumulative mid-year target by GH\u00a2138.6million, which represents a 0.2 percent increase.<\/p>\n
\u201cIt is instructive to note that the Authority exceeded its mid-year target, an achievement which represents a nominal growth of 37.6 percent over the same period of last year.\u201d<\/p>\n
Equally, the GRA also outperformed and exceeded its monthly target for June by an exceptional 21.2 percent, lauding it as a significant increase in a single month.<\/p>\n
\u201cAll of these were achieved against the headwinds of a very difficult first quarter. The ensuing performance after the first quarter is a testament of the Authority\u2019s commitment and resilience to deliver the overall target by year-end\u201d Ms. Essiam said.<\/p>\n
Indeed, the Authority fell below its January target by 12.3 percent with a shortfall of 6.3 percent in February, as March suffered a similar trend with an increased negative deviation of 12.7 percent.<\/p>\n
However, Ms. Essiam disclosed that GRA started a journey of rebound in April when the monthly target was exceeded by 1.9 percent, then exceeded again in May by 1.4 percent.<\/p>\n
Subsequently, the significant achievement of a 21.2 percent positive increase in June was recorded, which according to the Commissioner-General supported the turnaround to achieve GRA\u2019s positive half-year performance target.<\/p>\n
\u201cThe first quarter difficulties empowered leadership to design a 90-day plan to ensure we were strategically focused and very deliberate in turning the tides of a negative first quarter,\u201d Ms Essiam said.<\/p>\n
Other key successes chalked up<\/p>\n
A key component of the 90-day plan according to the Commissioner General, led to 80 percent VAT contributions for a targeted 600 companies. This accordingly transitioned into the first phase of registration.<\/p>\n
That target, the GRA said, was exceeded as 614 companies were onboarded as of June 30 by the Domestic Tax Revenue Division of the Authority.<\/p>\n
The Authority , according to the Commissioner-General, has also registered 176, 524 new taxpayers against a 2024 annual target of 144,000.<\/p>\n
\u201cAll these gains will help to achieve our goal of GH\u00a2146billion and ultimately achieve a tax-to-GDP ratio of 20 percent by the end of year 2027,\u201d the C-G said.<\/p>\n
Source: thebftonline.com<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The Ghana Revenue Authority (GRA) has said it is well on course to achieving this year\u2019s tax target of GH\u00a2146billion, considering key successes recorded in the Authority\u2019s mid-year collection performance. Briefing the media on the Authority\u2019s mid-year 2024 performance, GRA Commissioner-General Julie Essiam said a total of GH\u00a268.49billion against a half year budget of GH\u00a267.9billion […]<\/p>\n","protected":false},"author":1,"featured_media":200841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-200840","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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