A Financial Analyst and CEO of the Keta Investment Promotion Centre, Enyonam Adzo Apetorgbor, has opined that the Minister of Finance’s agenda to push for the Ghana Revenue Authority to exceed revenue targets may not be entirely achievable unless certain tax measures are implemented.

According to her, the government must push for innovative ways to collect taxes, especially in the area of voluntary tax compliance.

During a courtesy call on the authority, Dr Mohammed Amin Adam told the Commissioner-General of the Ghana Revenue Authority (GRA), that he expects them to exceed the GH¢145 billion target outlined in the 2024 Budget.

“The 'push to exceed revenue targets' directive without fostering innovation can indeed lead to counterproductive outcomes in the realm of tax collection. When tax authorities are overly focused on surpassing these targets, it can create a pressure-cooker environment that might incentivize tax collectors to engage in negotiations with taxpayers that are more about personal gain than about the fair and equitable assessment of taxes,” a statement by Apetorgbor cited on 3news.com.

She said the traditional approach of enforcing tax collection to meet or exceed revenue targets is increasingly proving to be counterproductive.

She noted, therefore, that there is a need for a paradigm shift towards promoting and encouraging voluntary tax compliance as a sustainable and equitable strategy for the new Finance Minister, Hon. Amin Adams.

“By fostering a cooperative relationship between the tax authorities and taxpayers, we can ensure a stable revenue flow, enhance public trust in governmental institutions, and contribute to a more resilient and inclusive economy,” she added.

SSD/NOQ

Watch a recap of business stories below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel