Business News of 2014-03-13

Government misses revenue target

Government failed to realise revenue it was hoping to mobilise through taxes for last year.

According to the Ministry of Finance's provisional fiscal data for 2013, the state was able to collect, GH¢14.3 billion as against a target of GH¢17 billion.

The interim fiscal data for 2013 also revealed that, all the various tax types failed to meet their projected target with the exception of communication service tax and company tax on oil companies.

However the total revenue including grants and duties reached a little over GH¢19 billion as a against a target of GH¢22 billion.

The state ended last year spending a little over GH¢1 billion because government managed spend GH¢26 billion, compared to a GH¢28 billion target.

Government also spent GH¢9.2 billion on compensation for public workers which includes, wages and salaries.

Payment of interest on loans hit GH¢4.3 billion, with almost, 90 per cent going to servicing domestic loans.

Source: myjoyonline.com
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