GRA rakes in GH¢57.32bn, exceeds target by GH₵265.39m

Despite the negative impact of COVID-19 pandemic on businesses in the country, the Ghana Revenue Authority (GRA) exceeded its target for the year by collecting about GH¢57.32 billion in revenue.

The collected amounted exceeded the projected GH₵57.055 billion by about GH₵ 265.39 million, which is about 0.5% in excess of the expected revenue for the year 2021.

It exceeded the amount collected for 2020 by about 26.3%, and represents highest annual growth in revenue in the last 10 years.

It also represents the highest tax to Gross Domestic Products  ratio recorded in the last five years.

Domestic Tax Revenue Division collected GH₵41.23billion

The Domestic Tax Revenue Division of Ghana Revenue Authority the raked in about GH₵41.23 billion, a 25.6% improvement on its 2020 revenue performance.

Customs Division collected GH₵16.08billion

The Customs Division of the Ghana Revenue Authority also ploughed revenue of about GH₵16.08 billion in 2021, a 26.8% rise over its 2020 numbers.

In a statement released on its improved performance, the Ghana Revenue Authority explained that the improved revenue performance was due to the number of initiatives undertaken by the Authority under its ‘Ghana Revenue Authority  Transformation Agenda’ which will see the digitalisation of the Domestic Tax Revenue Division’s core processes.

The adoption of a cashless policy which has allowed taxpayers to file their tax returns without coming to the offices of the Ghana Revenue Authority has brought new levels of transparency and efficiency into tax administration in the country.

The introduction of the Integrated Customs management Systems (ICUMS) has also streamlined Customs operations and helped increase tax collection at the country’s entry points, while the introduction of downstream petroleum monitoring activities has helped improve Customs Division revenue collection in that sector.

Tax revenue to non-oil Gross Domestic Products in 2021 stood at 13.4%, while tax revenue grew at 26.3%.

The nominal non-oil Gross Domestic Products was about GH₵426,704.82 million, growing at about 15.42%.