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Business News of Sunday, 8 August 2021

Source: www.ghanaweb.com

Govt considering introduction of flat taxes for specific income earners – Ofori-Atta

Finance Minister, Ken Ofori-Atta play videoFinance Minister, Ken Ofori-Atta

• Government is seeking avenues to introduce flat taxes for specific income earners

• Finance minister Ken Ofori-Atta said the move forms part of government's revenue generation efforts

• The GRA has recorded a shortfall in revenue mobilization for the first half of 2021


Finance Minister, Ken Ofori-Atta, has indicated that government is looking at avenues to introduce flat taxes meant for specific income earners in Ghana.

Flat taxes come in the form of a single rate tax placed on a taxable amount after accounting for any deductions or exemptions from an initial tax base. These taxes, however are not fully proportional tax.

Ken Ofori-Atta in an interaction with Asaase Radio monitored by GhanaWeb explained the move will assist government in ramping up its tax generation efforts for development.

“We are also contemplating maybe some issues of flat taxes for some categories of incomes so that everybody participates," the finance minister said.

“But beyond the beauty of me getting more money [is that] with that type of technology base, I’m able to titrate welfare interventions a lot more precisely,” he continued.

Already, the Ghana Revenue Authority has recorded a shortfall in its revenue mobilization efforts for the first six months of 2021.

The revenue arm of government has collected GH¢25.89 billion in tax revenue as against GH¢26.1 billion targeted for the period, resulting in a GH¢212 million shortfall.







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