Ghana Revenue Authority Exceeds Tax Revenue Targets For 2023, Rakes In GH¢113.06 Billion

• The Ghana Revenue Authority collected tax revenue of GH¢113.06 billion in the 2023 fiscal year
• The tax revenue generated was GH¢3.87 billion more than the Ghana Revenue Authority was tasked to collect
• The Commissioner-General of the authority, Rev Dr Ammishaddai Owusu-Amoah, urged all eligible persons and businesses to pay their taxes

The Ghana Revenue Authority (GRA) collected GH¢113.06 billion in taxes in the 2023 calendar year.

The authority exceeded its target for the year by GH¢3.87 billion.

The GRA also collected 49.3 percent more than in the 2022 fiscal year, which it described as the highest in the last 20 years.

For the 2023 fiscal year, the authority had been tasked to collect GH¢106 billion in tax revenue, which was supposed to be 40 percent more than the GH¢75.71 billion collected for 2022.

Read also

Sri Lanka cuts key interest rates, seeks China deal

This revenue target was later revised upwards to GH¢109.19 billion in the 2023 Mid-Year Budget.

In an interview with the Daily Graphic, the Commissioner-General of GRA, Rev. Dr Ammishaddai Owusu-Amoah, urged all eligible persons and businesses to pay taxes and contribute to development.

He also assured that the authority would continue with its efforts to expand the tax net.

One of these efforts saw the introduction of new taxes like the betting tax, which accrued GH¢15 million in its first two months.

The Authority has said it is targeting GH¢60 million by the current football season ends.

The GRA introduced a 10% withholding tax on betting on August 15, 2023, to raise about GH¢400 million annually.

Cheddar cited for tax evasion

YEN.com.gh reported that Nana Kwame Bediako, also known as Cheddar, was cited by the GRA for tax evasion.

Read also

Mobile money vendors threaten to stop work because of 1% e-levy on agent SIM cards: “Double taxation”

According to Ghanaian Times reports, Bediako reportedly owes over GH¢7 million in taxes for 2021 and 2022.

For 2021 and 2022, Bediako was reportedly supposed to pay GH¢2,088,228 and GH¢5,096,536 respectively.

Bediako is trying to shake up Ghanaian politics with his New Force Movement and denied the tax evasion claims.

Source: YEN.com.gh