Value Added Tax (VAT) collections have seen significant growth of more than 90.00% year-on-year over that of 2022 so far in 2023.
According to data from the Ghana Revenue Authority (GRA), this was due to measures including its enforcement operations
Speaking to Journalists after an enforcement exercise in Accra, Area Manager for Accra Central, and Assistant Commissioner Joseph Annan said the growth in VAT is a phenomenon compared to the previous year’s performance.
According to him, the enforcement exercise has seen some impact together with the introduction of the electronic VAT system which ensures prompt monitoring of tax payments between taxpayers and shop owners.
“In May this year, we have studied the growth pattern yea- on-year and I can say that last May [2022] we had a collection of about 646 million but this year May [2023], the figure has jumped to about 1.2 billion on average according to Bank of Ghana report on the established collection of VAT on the economy”.
“In calculating, this works to around 92.4 percentage point’s increase in the VAT. Iif we are to do a year-on-year comparison, it is very impressive”, he noted.
He added that the GRA is therefore increasing its presence in some parts of the country as part of the move to rake in more revenue for the country.
Latest Stories
-
Akata Pore cautions Akufo-Addo against inflammatory comments ahead of elections
10 mins -
Find good PR persons to save your brands in times of crisis – Andrew Ackah to artistes
18 mins -
Rawlings fooled us into June 4 uprising, I regret it – Akata Pore
49 mins -
I was heartbroken – Barima Sidney on why he took a long break from music
2 hours -
Cecilia Dapaah saga: Domelevo, Kpebu and others drag EOCO to Parliament
2 hours -
Bashir Hayford: The Hope of Lions
2 hours -
Limited Voter Registration: Campaign to register over 2 million Free SHS graduates
2 hours -
MIIF CEO appointed to board of Atlantic Lithium
2 hours -
Engage cement manufacturers to understand reasons for price hike – AGI CEO to Trades Minister
2 hours -
NHIA CEO announces free medical screening for Ghanaians on their birthdays
2 hours -
Daniel Obeng Fianko appointed as Events Coordinator for BIDEC
2 hours -
Cedi depreciation shot up cement prices – COCMAG
2 hours -
Susuma Pan-African Dance Ensemble to represent Ghana at Ohio Black Expo in USA
2 hours -
Richard Ahiagbah doubts Mahama’s AI plan to tackle galamsey; describes it as a vote-seeking gimmick
3 hours -
Government’s revenue-mobilisation approach worsens inequality – Prof Bokpin
3 hours