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General News Tue, 17 Jan 2012

GRA sets 2012 revenue target at GhC11.2 bn

A new revenue target of GhC11. 2 billion has been set for the Ghana Revenue Authority (GRA) this year.

This is about 28 per cent more of last year’s target of 7. 5 billion cedis. This was announced by the revenue authority at a press briefing on Monday.

Out of the new target of 11. 2 billion, the GRA has been charged to collect about five billion cedis through direct taxes which include incomes and earnings, while another 1. 8 billion is expected to be raised from indirect taxes.

The Customs Excise and Preventive Service (CEPS) has been charged to collect 1. 8 billion cedis more than last year’s target of 3 billion cedis.

Meanwhile, the GRA has said oil revenues from last year contributed about1. 6 percent of the 7. 5 billion cedis it collected.

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“Last year we were able to pick up revenue in the form of royalties to the tune of 122. 9 million from oil, this is part of the indirect and direct taxes from the domestic tax revenue division.

“Out of the 3. 1 billion of direct taxes only 122 million Ghana cedis came from oil,” the acting Commissioner of Domestic Tax Revenue Division, GRA, Comfort Boohene, said.

In a related development, the authority said it collected 15 per cent more in taxes than the targeted 7. 5 billion cedis for 2011.

It collected 1. 2 billion cedis more while Customs also exceeded its target by 7. 5 percent.

Source: citifmonline
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