GRA projects non-oil revenue of more than GH¢57 billion

The Ghana Revenue Authority (GRA) has projected to take-in a gross total non-oil tax revenue of GH¢ 57.055 billion for the year ending 31st December 2021.

This is as against the 2020 provisional outturn (actual lodgment) of GH¢45.154 billion.

According to a report of the Finance Committee of Parliament, officials of the Authority announced this at a meeting with the committee to consider the estimates for year ending 2021.

The report said the 2021 expenditure budget of the Ghana Revenue Authority will be funded from the statutory revenue retention to be derived from a projected revenue target of GH¢57.055 billion.

At an expenditure budget of GH¢1.47 billion the retention level granted for the year 2021 comes to approximately 2.58% of tax revenue.

The GRA announced that it intended to strengthen enforcement, including investigation, intelligence and prosecutions as well as minimising revenue leakages in "Suspense regimes".

It also announced measures to enhance revenue generation in the the year.

The measures are to widen and increase the tax net to cover the informal sector, increase the domestic and external VAT yield and develop mechanisms for taxation of emerging e-commerce and high net worth individuals.

It would also promote voluntary tax and customs compliance through increased taxpayer education and simplifying their interfaces with tax payment platforms.

They would also go digital and use technology to transform revenue administration, particularly, through the committed implementation of TRIPS to ensure efficient and effective revenue administration services, improve the cost-effectiveness and efficiency of administration through staff rationalization and adopt management information and data management systems

Meanwhile, the House approved the sum of one GHC 1.47 billion, for the activities of the GRA for the year ending 2021.