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We exceeded our 2023 revenue target- GRA

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The Ghana Revenue Authority (GRA) has announced a significant achievement in tax revenue collection for the fiscal year 2023. The authority revealed that it collected a total tax revenue of GH¢113.06 billion, surpassing the revised target of GH₵109.19 billion. This performance represents a notable nominal growth rate of 49.3%, exceeding the expected growth rate of 44.2% over the 2022 fiscal year.

Initially tasked with collecting GH₵106.00 billion for the fiscal year, the GRA’s target was revised in the 2023 Mid-Year Budget to GH₵109.19 billion, reflecting an upward adjustment of GH₵3.20 billion. This adjustment aimed at achieving a growth rate of 44.2% over the 2022 collection.

The Commissioner-General of GRA, Rev. Dr. Ammishaddai Owusu-Amoah, expressed satisfaction with the record-breaking performance. He highlighted a year-on-year growth of 49.3%, marking the highest ever recorded in the last 20 years and the highest tax-to-GDP ratio of 14.1% in the last six years.

Domestic tax revenue played a significant role, contributing 73% to the total revenue raised in the year, with a growth rate of 54.0%. Tax revenue from international trade (Customs) also experienced a growth rate of 38.2%, contributing 27% to total tax revenue.

The GRA attributed the outstanding performance to intensified compliance activities, recovery of overdue liabilities, provisional assessments for 2023, and increased Corporate Income Tax (CIT) payments, especially from banks. The commissioner-general acknowledged effective classification and valuation of goods, improved monitoring of leakages, and fieldwork in the collection of tax stamps from micro-businesses and Vehicle Income Tax (VIT) payments.

The major mining firms, traditionally significant contributors to CIT, played a pivotal role in the 2023 performance. Their total contribution grew by 39.6%, reflecting a positive impact from the relatively good price of gold.

The GRA also celebrated the record year-on-year growth of 61.9% in domestic VAT, emphasizing the impact of intensive compliance and invigilation exercises carried out during the year. Import VAT and E-Levy also recorded improvements, exceeding targets and reflecting positive growth rates.

The commissioner-general expressed appreciation to the GRA staff, taxpayers, and stakeholders for their contributions to the successful tax revenue collection in 2023. He assured continued efforts to expand tax initiatives, engage stakeholders, and implement measures outlined in the 2024 Budget Statement.

 

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