We need to close tax revenue-to-GDP ratio – Ofori-Atta to GRA
Finance minister, Ken Ofori-Atta, has applauded the Ghana Revenue Authority (GRA) for putting in efforts to mobilise revenue for the country beyond its target.
The GRA has reported over ¢3 billion above its revenue target for 2022.
Speaking to Joy Business after inaugurating the Independent Tax Appeals board in Accra, Mr. Ofori-Atta said more will be needed from the authority in order to close revenue leakage and boost the tax revenue to Gross Domestic Product (GDP) ratio gap, which presently hovers around 14%.
Establishment of the board is aimed at promoting fairness in tax administration and boosting investor confidence in the country’s tax systems.
According to the Finance Minister, this will support moves by the government to find efficient ways of adjudicating on tax issues in the country.
He is optimistic that the authority will make more revenue for the state moving forward.
“I think they did well and we will expect more of such. They surprised us last year by giving more than the target and I think it’s a good trajectory. Bbut the concern is how to raise the ratio so that more can be mobilsed”.
“When you look at the GDP [Gross Domestic Product] as against our tax proportion and what others are taking in the sub-region, we’re still far behind. And more is expected of us whether the Ministry of Finance or the Ghana Revenue Authority”, he mentioned.
Speaking on behalf of the committee, Chairperson and Retired Supreme Court Justice, Lawrence Mensah assured the government and the private sector of fairness in the discharge of their duties.
“I can assure you and the people of Ghana that our committee will deliver our mandate with integrity to avoid any distortion in government revenue mobilisation drive,” he assured.
The 11-member committee is expected to begin work immediately.
Source: Ghana News
