The Ghana Revenue Authority (GRA) has announced that the authority is undertaking a comprehensive review of the country’s tax legislations. This review encompasses various taxes currently being enforced and collected by the GRA, including notable levies such as the electronic levy (e-levy) and the COVID-19 levy.
The GRA has refrained from specifying exact timelines for the completion of this review process. However, they have emphasized that the goal is to consolidate the existing revenue measures and streamline the tax sector. This effort is expected to simplify tax administration and enhance the efficiency of tax collection, ultimately contributing to the broader economic stability of the country.
The e-levy, introduced as a measure to capture digital financial transactions, and the COVID-19 levy, aimed at mitigating the economic impacts of the pandemic, have been pivotal in recent fiscal strategies. The review will assess the performance and relevance of these levies, among others, to ensure they align with the nation’s current economic goals and realities.
Upon completion of the review, the GRA plans to implement the resulting reforms by 2025. This timeline will allow for thorough analysis and consideration of the various factors influencing tax policy, ensuring that the reforms are both comprehensive and beneficial to the economy. The review process is seen as a critical step towards optimizing the tax system, providing clarity, and possibly introducing new mechanisms to enhance revenue mobilization.
In her remarks, the GRA representative highlighted the importance of this review in creating a more robust and adaptable tax system. By consolidating various revenue measures, the GRA aims to reduce redundancies and inconsistencies within the current framework, making it easier for businesses and individuals to comply with tax obligations.
The GRA is committed to engaging with stakeholders throughout this process to gather input and ensure that the final reforms are equitable and support economic growth. The authority’s proactive approach reflects a broader commitment to maintaining a transparent and efficient tax system that can adapt to the changing economic landscape.
As the review progresses, the GRA will provide updates and seek public input to refine the proposed changes. The anticipation of these reforms marks a significant step towards modernizing Ghana’s tax administration and enhancing the effectiveness of its fiscal policies.
