Vision1 FM                       Light FM                         Light TV

Most Ghanaians Don’t Pay Tax

There are six million potential individual taxpayers in Ghana, but just about 1.5 million are formally registered with the Ghana Revenue Authority (GRA).



Of this number, 1.36 million are employees, implying that most self-employed individuals are not registered with the GRA, Ken Ofori-Atta, Minister of Finance, disclosed on Thursday in Accra.

Owing to this, Mr Ofori-Atta said government had put measures in place to enhance domestic resource mobilization.

These include review of tax laws, rationalization of taxes and introduction of an automated system (tripsTM) for domestic revenue.

He also said government has begun consultations with key stakeholders on ways to attract more revenue, adding that it has planned to present a package of tax policies to Parliament in the mid-year review of the budget to ensure sustained funding for Ghana’s development projects.

“So I charge all of us to give our taxes to Caesar; to rise up to our civic responsibilities, building nation and achieving our vision of moving Ghana beyond aid.”

According to him, government depends on domestic taxes to support development supported by aid.

Developing countries, including Ghana, now have to find new ways of broadening their tax base, improving efficiency in revenue administration and blocking tax revenue leakages, harnessing technology to modernize and improving efficiency in tax administration and tax policy formulation and analysis, fighting illicit financial flows and restoring credibility between taxpayers and governments.

Finance Minister Ken Ofori Atta added that government recognises that the ongoing paperless project, among others, would be a gradual and challenging process.

Founder and President of ACET, Kingsley Yaw Amoako, noted that revenue mobilisation is central to the success of the Compact with Africa (CWA) launched last year under the German government’s G20 presidency.

“As we all know, revenue mobilization in most developing countries is not keeping pace with development goals or increasing fiscal pressures. This issue is of paramount importance for Ghana and its long term development strategy, as well as for all other developing countries,” he said.



Source:DailyGuideafrica

More Lifestyle..

France wins FIFA World Cup 2018 France wins FIFA World Cup 2018 2018-07-15 - France wins the Fifa World Cup for the second time in the FIFA...
Cristiano Ronaldo Explains Why He Joined Juventus In Touching Letter Cristiano Ronaldo Explains Why He Joined Juventus In Touching Letter   2018-07-13 - Cristiano Ronaldo wrote an open letter to Real Madrid fans to...
Gov’t to increase Taxes in mid-year budget Gov’t to increase Taxes in mid-year budget 2018-07-13 - The government of Ghana has hinted of increasing taxes in its...
Government To Pay Salaries Of GFA Workers Amidst Football Crisis Government To Pay Salaries Of GFA Workers Amidst Football Crisis  2018-07-10 - The government has agreed not to cut the payment of salaries...
Fortify revenue mobilization to implement cap on budget deficit – Economist Fortify revenue mobilization to implement cap on budget deficit – Economist 2018-07-10 - Government needs to fortify its domestic revenue mobilization...