Gov't optimistic meeting revenue targets

Government is optimistic of meeting revenue targets with new tax hikes despite present difficulties with collection of the taxies. Government is basing its optimism on business activities that picked up in the last quarter of this year.

In August this year, government introduced three new taxes to address revenue shortfalls. These include the National Stabilization Levy and Customs and Excise Bill - however the third bill, Special Import Bill, is yet to be laid before Parliament.

The state has so far been able to collect GH¢ 25 million from the GH¢ 371 million revenue target. There are fears the country might not realize the revenue target because of a slowdown in business activities, as well as smuggling activities at the ports.

But Deputy Minister of Finance, Kweku Ricketts-Hagan told Joy Business, the Ministry has instituted measures to ensure the GH¢ 371 million target is realised.

"Taxes may be the main revenue stream but there are other revenue streams as huge as taxes that also come - so it becomes a case of prioritinsing your expenditure", he said.

Meanwhile, banks, mining firms, telcos and other financial institutions would by the end of this month be giving away 5% of their profits as Stabilization Levy. Joy Business has gathered that government is now planning to collect taxes every three months instead of the previous annual cycle.