2020 Q1: Gov’t revenue falls by over GHc3.5bn; importers express fears

2020 Q1: Gov’t revenue falls by over GHc3.5bn; importers express fears

- Ghanaian importers have expressed fear over a possible review of taxes following a miss of government's 2020 first quarter targets

- The government projected achieving a target of GHc13.95 billion, but had GHc10.35 billion for the period

- The importers have called for a review of Ghana's tax structure so the government can earn more revenue

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Ghanaian importers have expressed fears over new taxes following a GHc3.59 billion drop in government’s revenue for the first quarter of the year 2020.

This follows the belief that the government would resort to taxes to close the deficit gap.

YEN.com.gh understands that a target of GHc13.95 billion for the period was missed.

2020 Q1: Gov’t revenue falls by over GHc3.5bn; importers express fears
Minister of Finance, Ken Ofori-Atta Source: Starrfm.com.gh
Source: UGC

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The government succeeded in collecting GHc10.35 billion and it is hoped that a clearer picture of the situation would be available in the second quarter.

Following the outbreak of the coronavirus, a fall in demand for goods and services had threatened the survival of several businesses.

Importers have, therefore, called on the government to take advantage of the mid-year budget review to release a comprehensive policy to expand the tax net.

Per a report by graphic.com.gh, they argued this would play a crucial role in revenue collection.

Information available shows that the government missed all of its revenue targets for the period under review.

It, however, intends to collect about GHc67.07 billion in taxes and grants by the end of the year 2020.

The importers expressed hope that a review of Ghana’s tax structure would rope in all business activities into the tax net.

In other news, the Security and Exchange Commission (SEC) of Ghana has hinted about plans for introducing crowdfunding in Ghana.

YEN.com.gh understands that it is possible the regulator of Ghana’s capital market would establish a framework for the start of the programme.

Information available shows that despite setbacks present due to the outbreak of the coronavirus, everything could be ready by 2021.

READ ALSO: Minority reacts in anger as Parliament approves GNPC loan

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