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Business News of Tuesday, 19 April 2022


Government keen on achieving GH¢80 billion domestic revenue target – Abena Osei-Asare

Abena Osei-Asare, Deputy Minister of Finance Abena Osei-Asare, Deputy Minister of Finance

VAT Flat rate is to increase revenue for the government

GRA's digitization to help block tax loopholes

GUTA hits against VAT Flat rate

Deputy Minister of Finance, Abena Osei-Asare has said that she is optimistic that government will meet its 2022 domestic revenue target of GH¢80.3 billion due to measures that government has put in place.

According to her, the government has invested in the digitization of GRA’s systems to boost its revenue mobilization and block loopholes in the tax system.

She spoke to JoyBusiness after the launch of the “Tax and Good Governance” campaign by the Ghana Revenue Authority (GRA).

“We are very sure that we will meet the target due to the measures and systems announced in the 2022 budget. It is important for all of us to help government achieve the target.

“We have to come together and support the GRA to raise the GH¢80.3 billion. We have supported the GRA to come out with digitized platforms for payment of taxes, filing of taxes, among others," she said.

In addition to the implementation of the E-Levy, government has imposed a VAT Flat rate on businesses operating with a minimum threshold of GH¢500,000.

The Ghana Union of Traders Association (GUTA) has expressed its displeasure with the decision, stating that it is unfair and may result in an increase of goods on the market, particularly those from malls and supermarkets.

Dr. Abena Osei Asare however disagrees saying, the policy will instead create some uniformity for businesses operating in the country, adding that businesses were consulted before the policy’s approval in parliament.

“The real intention of the VAT Flat rate is to increase revenue for the government, by creating a fair atmosphere for all businesses.”

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