Ghana Revenue Authority (GRA) on Monday assured the fiscal authorities of its determination to meet its ¢42 billion revised revenue target for the 2020 financial year, despite the huge constraints the COVID-19 pandemic posed to businesses in the country.
At the end of last month, the country had realised about ¢26 billion from domestic tax collections higher than the mid-year review target set by the government.
The Acting Commissioner General of the Ghana Revenue Authority, Amishaddai Owusu Amoah, during an interaction with journalists on the impact of the virus on revenue mobilization, maintained that the overall target of more than ¢42 billion would be achieved, despite the pandemic.
He explained: “As at the end of August, GRA has collected 26.7 billion and if you compare the 26.7 billion based on the mid-year review, I must say that we’re above the mid-year review target as at end of August.
“Definitely, I can assure that we will meet the mid-year review target but we are aiming that we will be able to go beyond the mid-year review target and we’re putting the necessary strategies to ensure because all these initiatives in addition to the effective debt collection is increasing our revenues,” Amoah assured.
The tax administrator further disclosed that mining and telecommunications sectors recorded the highest revenue collections so far.
He clarified: “Whatever minerals or royalty that has to be paid, is continually coming through and I must say that because there has been increase in the price of gold, from $1,500 to almost $2000, there is an increase in revenue from both the corporate income tax from the mining sector as well as the royalties.”