{"id":202305,"date":"2024-07-23T10:36:59","date_gmt":"2024-07-23T10:36:59","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/23\/only-about-1-5-million-tax-payers-honour-their-obligations\/"},"modified":"2024-07-23T10:36:59","modified_gmt":"2024-07-23T10:36:59","slug":"only-about-1-5-million-tax-payers-honour-their-obligations","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/23\/only-about-1-5-million-tax-payers-honour-their-obligations\/","title":{"rendered":"Only about 1.5 million tax payers honour their obligations \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Out of about 7.9 million registered tax payers in the country, only about 1.5 million pay taxes.<\/strong><\/p>\n<p>This was revealed by a Deputy Minister of Finance, Dr. Alex Ampaabeng at the launch of the 8th Ghana Economic Update by the World Bank.<\/p>\n<p>According to him, his outfit and the Ghana Revenue Authority are presently cleaning the tax database to ensure the nation accrue more tax revenue.<\/p>\n<p>He continued that the government will do everything possible to improve the fiscal environment.<\/p>\n<p>According to him, the government will reduce the human interface with respect to tax collection and improve digital collection.<\/p>\n<p>\u201cGoing forward, reducing the human interface is key to growing our [Ghana\u2019s] tax revenue. Then Ministry of Finance is working with the GRA to reduce lots of tax infractions.\u201d<\/p>\n<p>Ghana\u2019s tax collection has been low relative to its peers. Between 2017 and 2021, Ghana\u2019s average tax collection was 13.2% of Gross Domestic Product (GDP).<\/p>\n<p>This was well below the Sub-Saharan Africa average and 8.0 percentage points short of the country\u2019s estimated tax capacity of 21.2% of GDP.<\/p>\n<p>The World Bank report identified areas of inefficiencies within Ghana\u2019s tax policy framework and compliance mechanisms.<\/p>\n<p>Areas the report identified where this could be enhanced include rationalising large tax expenditures, that have contributed to the overall decline of tax revenues. This it said would require striking the balance between reducing revenue losses and the potential distributional and social impacts.<\/p>\n<p>The World Bank said if addressed these could help ensure macroeconomic stability and generate resources necessary for sustainable long-term growth and poverty reduction efforts.<\/p>\n<p>Joy business  <\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Out of about 7.9 million registered tax payers in the country, only about 1.5 million pay taxes. This was revealed by a Deputy Minister of Finance, Dr. Alex Ampaabeng at the launch of the 8th Ghana Economic Update by the World Bank. According to him, his outfit and the Ghana Revenue Authority are presently cleaning [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":196351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-202305","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Only about 1.5 million tax payers honour their obligations \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/23\/only-about-1-5-million-tax-payers-honour-their-obligations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Only about 1.5 million tax payers honour their obligations \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Out of about 7.9 million registered tax payers in the country, only about 1.5 million pay taxes. 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