Government has announced series of innovative measures to help raise more revenue domestically to fund its projects. This comes at the back of a wholesale pruning in government expenditure to hasten the country’s recovery from the COVID-19 pandemic.
Minister for Finance, Ken Ofori-Atta who announced these rafts of measures at a press briefing in Accra on Thursday, March 24, 2022, said government is not bent on controlling expenditure alone but it is also looking at ways to raise more revenues domestically.
Touching on these domestic revenue mobilization efforts, the Minister said government will begin the implementation and collection of the revised Property Rate by end of April 2022. This he said will improve government revenue and will help increase the country’s tax to Gross Domestic Product (GDP) ratio.
Mr. Ofori-Atta also announced that government is also looking at implementing the E-VAT/E-Commerce/E-Gaming initiatives by end of April 202; rolling out the simplified tax filing mobile application for all eligible taxpayers by July 2022; prioritizing the Revenue Assurance, Compliance, and Enforcement (RACE) programme to plug revenue leakages especially at the ports and immediately enforce the “No Duty – No Exit” policy at the MPS Terminal at the Tema Port to improve revenue collection.
This according to the Minister will help shore up government domestic revenue and will help it realize the revenue target it has set for the 2022 fiscal year.
Source: Daily Mail GH