Revenue from VAT increases by 90% as of May 2023

Data from the Ghana Revenue Authority (GRA) has shown that the revenue generated from Value Added tax by over 90% above what was recorded in 2022.

The Authority noted that this was due to the enforcement measures that it has employed this year.

Area Manager for Accra Central, and Assistant Commissioner Joseph Annan told journalists that the introduction of the E-VAT system has also helped in achieving these results.

“In May this year, we studied the growth pattern year-on-year and I can say that last May [2022] we had a collection of about 646 million but this year May [2023], the figure has jumped to about 1.2 billion on average according to Bank of Ghana report on the established collection of VAT on the economy.

“In calculating, this works to around 92.4 percentage points increase in the VAT. If we are to do a year-on-year comparison, it is very impressive,” he noted.

SSD/NOQ

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