Ghana Revenue Authority has achieved its revenue target for the year 2021.
The authority says it was able to collect 57.32 billion cedis, the highest collection over the last 10 years.
This number is GH¢265.39Million above the 2021 target that was 57.055 billion cedis. Following the positive turn of events, GRA says the performance represents a growth rate of 26.3 percent over the 2020 revenue.
The Domestic Tax Revenue Division collected GH₵41.23 billion. This performance is an improvement of 25.6 percent over the 2020 revenue performance. Similarly, the Customs Division collected an amount of GH₵16.08 billion representing 26.8 percent over the 2020 performance.
2021’s performance also signifies the Highest Ratio of Tax to GDP of 13.4 percent recorded in the last five years. It equally shows that the Highest year on year growth of 26.3 percent was recorded recorded.
GRA attributes this achievement to various initiatives such as the digitalization of Domestic Tax Revenue Division core processes. In addition, the Cashless Policy which allows taxpayers to pay taxes online and at the banks and the taxpayers portal which allows taxpayers to file returns in the comfort of their homes, have brought transparency and efficiency into tax administration
Through these measures, GRA says 2021 recorded the Highest Tax Buoyancy rate through Efficiency and Responsiveness of Tax Revenue mobilization to Growth in the Economy.
In recent years, revenue targets have been consistently reviewed downwards to reflect prevailing economic conditions. However, this year, GRA says that the target has been achieved notwithstanding the negative impact of COVID-19 on businesses the world over.