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Sat, Sep

GRA GRABS GHC300M From Tax Amnesty

Business & Economy

The Commissioner-General of the Ghana Revenue Authority, Emmanuel Kofi Nti, has stated that the Tax Amnesty period which is to come to an end on September 30, this year, will generate GHC300 million as revenue to the state.

The Commissioner-General of the Ghana Revenue Authority, Emmanuel Kofi Nti, has stated that the Tax Amnesty period which is to come to an end on September 30, this year, will generate GHC300 million as revenue to the state.

 

Mr Kofi Nti disclosed this at a media briefing in Accra yesterday to educate the public on the Tax Amnesty Act, 2017.

The Commissioner-General explained that the President has a big vision to develop the country, and it was therefore important to make the vision work, adding that in supporting the vision, the GRA was poised to make sure it collects all revenue that is due the state before the Tax Amnesty regime comes to an end.

According to him, staff of the Authority have been energized to perform their duties in the collection of revenue this year based on the noble vision of the President.

The GRA boss said, with the media as a partner in the same boat, he hoped that that vision would be realized by the end of the last quarter with excellent results.

He revealed that, as a way of motivating all the citizenry to help bring tax defaulters to the tax bracket, GRA had decided to reward all persons who inform the authority on activities of such persons or companies, with a percentage of the amount collected from the defaulter going to the informant.

Mr Kofi Nti added that the idea behind the exercise was to draw more people to the tax bracket in an effort to broaden the tax net, assuring the public that GRA has the database to track all persons and companies who default in the payment of tax.

He also urged all companies and individuals to regularize their tax obligations since without revenue, government development agenda, however noble, would be constricted.

The Commissioner-General used the occasion to emphasize the need for individuals who deal with organizations in any form of business activities to have their Tax Identification Number, explaining that the TIN is a sure way to enable the business community deal with individuals in a more a genuine way.

He further disclosed that the tax target of GHC39.8 billion of total revenue target for 2018 by the GRA had been reviewed and that GRA was expected to raise an additional GHC1billion to augment the target.

On some of the mechanisms being put in place by the GRA to track all tax defaulters, he revealed that the Authority would ordinarily use the swoop as a way to bring perpetrators to book.

Asked how much money was realized during the previous tax amnesty exercise, the Commissioner-General lamented: "it was not encouraging; that is why we want to intensify education on the exercise this year."

The Tax Amnesty Act, 2017, (Act 955) passed by Parliament in December 2017, is a limited-time opportunity for taxpayers and potential taxpayers who have defaulted in any of the four basic requirements for tax compliance: registration with GRA, filing of tax returns by due dates, paying taxes on due dates and making full disclosures (complete and accurate) of financial reporting.

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