header('Content-type: text/html; charset=ISO-8859-1'); Gov’t to increase domestic revenue with new approach - News Guide Africa
Business Economy News Politics

Gov’t to increase domestic revenue with new approach

Adnan Adams Mohammed

In the effort to increase domestic revenue collection, the government has announced some seven new measures to help address fiscal challenges.

The government is of the believed that expenditure cut alone will not be enough to revive the ailing economy and that the government’s focus is two-fold: to control expenditure and to raise more revenues domestically.

Addressing a press briefing in Accra, last week, the Minister of Finance, Ken Ofori-Atta expressed optimism that the measures will go a long way to cushion the citizenry amid the economic downturn.

“The government will begin the implementation and collection of the revised property rate by the end of April 2022”, the Minister noted. “This will improve the government’s revenue and help increase the country’s tax-to-Gross Domestic Product (GDP) ratio.”

Find below the new revenue measures announced by government:

The government plans to begin the implementation and collection of the revised Property Rate by end of April 2022.

Government also intends to implement the E-VAT/E-Commerce/E-Gaming initiatives by end of April 2022.

In addition to that, government will also roll out the simplified tax filing mobile application for all eligible taxpayers by July 2022.

Government will keep impressing upon Parliament to fast track the passage of the E-Levy Bill, Tax Exemptions Bill, and Fees and Charges Bill.

Government will prioritise the Revenue Assurance, Compliance, and Enforcement (RACE) Programme to plug revenue leakages especially at the ports and the infamous fuel bunkering and small scale mining exporters cabal.

The government also intends to partner the private sector to introduce digital systems to monitor quarrying, sand winning and salt winning to get more revenues from natural resources; and immediately enforce the “No Duty – No Exit” policy at the MPS Terminal at the Tema Port to improve revenue collection.

With immediate effect, government will enforce the “No Duty – No Exit” policy at the MPS Terminal at the Tema Port to improve revenue collection.

Related Posts

Leave a Reply

Your email address will not be published.

10 − 1 =