GRA integration system can boost revenue, reduce tax evasion – Seth Terkper

Former Minister of Finance Seth Terkper has emphasized the significance of merging tax systems to improve revenue collection.

In an interview on Morning Starr with Lantam Papanko, Mr. Terkper argued that integrating the Ghana Revenue Authority (GRA) systems would reduce tax evasion and increase revenue.

Mr. Terkper touched on the elapse of the High-Value Tax (HVT) as a missed chance for revenue growth. He explained that the HVT would have linked revenue collection to importation, making it simpler to track and collect taxes.

The former finance minister also emphasized the need to bring back companies that left Ghana due to adverse investment conditions. He highlighted that making Ghana a cordial place for investments would lead to increased revenue and economic growth.

Mr. Terkper’s remarks come as Ghana faces significant economic difficulties, including high debt levels and revenue shortcomings. His critique of the government’s economic management has sparked a debate on the need for reforms to stir up economic growth and reduce reliance on debt.

Mr. Terkper guaranteed that with a middle-term plan, debt can be tamed, and economic growth can be achieved, emphasizing that pledges are not to be executed in one year, but rather over the term.