The Ghana Revenue Authority (GRA) has unveiled a strategic initiative to onboard eight million new taxpayers, aiming to bolster domestic revenue mobilization and drive economic growth. The move is expected to increase Ghana’s taxpayer population by 42%, from 19 million to 27 million, through the Sustained Tax Education Programme and Modified Taxation Scheme (MTS).
The program is aimed at expanding the tax base to increase domestic revenue, simplify tax compliance for informal sector operators and enhance long-term fiscal stability
This would also would reliance on external borrowing
The program is expected to raise up to GH¢40 billion in extra domestic revenue over the next few years with two million new taxpayers annually for the next three years to increase domestic revenue and support for national development
The target of this scheme is the informal sector, comprising approximately eight million economically active individuals and businesses
The Sustained Tax Education Programme and Modified Taxation Scheme (MTS) is a simplified tax processes and digital tools involving an improved tax education and awareness campaign to encourage voluntary compliance and reducing revenue leakages
Commissioner-General of the Ghana Revenue Authority (GRA) Anthony Kwasi Sarpong believes that the Modified Tax Scheme has huge potential.
Per analysis, the GRA can bring at least two million new taxpayers into the net each year, and significantly increase domestic revenue and support national development,
Mr. Kwasi Sarpong, called for public support from the public, private sector partners, and civil society groups to modernize the tax system and build a more sustainable domestic revenue framework.
@Ahotoronline.com
Story by Godfred Sey