The full year yield from the 2019 midyear revenue measures are expected to be robust in 2020 to complement tax compliance efforts.
Mr Ken Ofori –Atta, Minister of Finance said this on Wednesday in Parliament when he presented the 2020 Budget Statement and economic policies.
He said Government would pursue various revenue measures, to boost domestic revenue.
That, he said, include renewal and extension of the National Fiscal Stabilisation Levy and Special Import Levies (SIL) for five years (5) to support the Budget.
“In line with Government policy, the personal income tax band will be adjusted and the necessary Parliamentary approval sought to ensure that the 12 percent minimum wage increase for 2020 is tax- exempt,” he said.
He noted that Personal Reliefs such as marriage relief, child education relief and old age relief, which were last adjusted in 2015 would also be reviewed upwards, consistent with government commitment to support families.
To address the challenges of revenue mobilisation, the Finance Minister said Government would restructure the tax system and develop a comprehensive revenue policy and strategy.
“The Ghana Revenue Authority (GRA) occupies a critical position in the economy and is responsible for approximately 70 percent of domestic revenues. After 10 years of integration, Government is ready to carry out the next generation of reforms in revenue administration”.
He said: “A transformation programmme centred on the three main themes of People, Technology, and Service will be structured with the new leadership of the GRA to create a ‘NEW GRA’ that will reflect the very best of efficiency and productivity.