The Commissioner General of the Ghana Revenue Authority, Mr George Blankson, has assured his outfit�s preparedness to increase revenue collection for this year to enable government meet its developmental commitment to the people.
According to the Commissioner General, despite the challenges the nation�s economy faced last year, provisional figures for last year show the GRA made a total collection of GHC 17.07 billion, giving a negative deviation of GHC 0.54 billion or -3% against 2014 target of GHC 17.61 billion.
Despite the negative deviation, Mr Blankson stated at a press soiree last weekend organized for news editor at Alisa Hotel, that �the 3% shortfall in GRA�s revenue collection which is below the 5% margin of error means that for all practical purposes, the revenue target could be deemed to have been achieved.�
He said the 2014 figures represent a growth rate of 29.7% in revenue collection over that of 2013, adding that �it is a significant increase compared with revenue collected in 2013 of GHC 13.16 billion which represented only 18.5% over that of 2012.�
Based on these indices and the positive prospects of the Ghanaian economy, the Commissioner General assured that GRA would work towards meeting its target of GHC 21.98 billion for 2015.
The breakdown is as follows: domestic direct tax, GHC 8.95 billion, domestic indirect tax, GHC 5.10 billion as well as customs, GHC 7.92 billion.
Touching on why GRA recorded a (negative) -3 percent deviation in 2014, Mr Blankson cited the energy crisis, foreign exchange fluctuation, rising level of inflation, volumes of export in 2014, fall of prices of minerals on the global market and deferment of implementation of VAT on fee-based financial services.
To achieve revenue target for 2015, the Commissioner General said GRA will make giant strides with the cooperation and assistance of stakeholders, particularly taxpayers, staff and the media and also through modernization of its processes and procedures.
He revealed that the GRA and Ghana Association of Bankers have agreed for the banks to start implementing the VAT on fee-based financial services January 5, 2014.
The VAT on fee-based financial services was introduced by the Value Added Tax Act, 2013, Act 870 and was to be implemented last year, but Mr Blankson explained that it was deferred to 2015 to ensure the public was adequately educated on it and also to allow the banks to reconfigure their systems.
�The implementation by law should cover fee-based financial services provided by all suppliers whose taxable supplies are above the turnover threshold,� he noted.
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