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Business News Thu, 25 Jun 2020

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1.39 million taxpayers registered in 2019

The Ministry of Finance has revealed that the Ghana Revenue Authority (GRA) successfully registered 1,394,842 taxpayers in the year 2019.

This brought the total number of taxpayers registered with Tax Identification Numbers (TINs) to 3,394,488 as of 31st December 2019, resulting from the drive to improve tax administration and expand the tax base.

These were contained in the ministry’s budget performance report for 2019 presented to Parliament on April 8, 2020 by the Minister of Finance, Ken Ofori-Atta.

Presenting the Finance Committee’s report on the budget performance, Dr. Mark Assibey Yeboah said the Finance Ministry in the year under review “undertook some major technological initiatives to offer enhanced online services to taxpayers.”

“These included the online Taxpayer Identification Number (TIN) registration, introduction of the Integrated Tax Application and Preparation System App (iTAPS) to encourage voluntary filing, and payment and deployment of an Integrated Management System for customs administration,” he indicated.

Expenditure Management

He reported that the ministry in 2019 deployed the GIFMIS to four IGF generating sites, namely Medical and Dental Council, Ghana Export Promotion Authority, Ghana Free Zones Board, National Health Insurance Authority.

“Additionally, the Ghana Electronic Procurement System (GHANEPS) was launched and five pilot entities were trained on how to operate,” he disclosed.

2019 Budget and Expenditure

For the 2019 financial year, the Ministry of Finance and its six agencies, namely Controller and Accountant General’s Department (CAGD), Ghana Statistical Service (655), Public Procurement Authority (PPA) Securities and Exchange Commission (SEC), Institute of Accountancy Training (IAT) and the Financial Intelligence Centre (FIC), were allocated a total budget of GH¢563,808,391.

This figure was reduced by 5.4 per cent in the midyear review of the 2019 budget to GH¢533,551,480, the ministry stated and added that GH¢306,146,170 came from GoG, GH¢199,482,972 from DP Funds, GH¢24,944,309 from IGF and GH¢2,978,028 from ABFA.

“Actual expenditure outturn for the 2019 financial year amounted to GH¢524,522,567.39 representing 98.3% of the revised budget,” he added.

Observations

The Finance Committee observed that real GDP growth recovered strongly from 3.4 percent in 2016, growing at 8.1 percent and 6.3 percent in 2017 and 2018 respectively.

For 2019, real GDP was projected to grow by 7.6 percent. However, this target was revised downwards to 7.0 percent on the back of lower than expected crude oil and gas volumes envisaged at the time of the budget, Dr. Assibey Yeboah said.

“Provisional estimates for the first three quarters of 2019 indicate an average real GDP growth rate of 6.0 percent, thus being on track to achieving the revised 7.0 percent target for the entire year 2019,” he added.

Source: Daily Guide Network

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