Business News of Thursday, 2 June 2022
Source: www.ghanaweb.live
2022-06-02GRA’s failure to collect taxes cost Ghana GH¢9.1 billion - IMANI report
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The Ghana Revenue Authority's (GRA) inability to enforce tax compliance in the country resulted in a dip in the country's revenue mobilization, a report by
Read full articleIMANI Africa has stated.
According to the report, the state lost an amount of GH¢9.1 billion due to GRA's failure to collect taxes from 2015 to 2020.
It further indicated that, “The tax irregularities, cash irregularities also constituted a significant proportion of the total financial irregularities. A total of GH¢2.9 billion, representing about 21.4% of the total irregularities was recorded between 2015 and 2020.”
“Other relatively smaller irregularities comprised debts, loans and advances of ¢1.20 billion; 8.58%, contracts of ¢387 million; 2.78%, procurement of ¢136 million; 0.98%; rent ¢S85 million; 0.61% and payroll irregularities of ¢14.6 million; 0.10%,” it added.
The 2022 Fiscal Recklessness Index also ranked the Finance Ministry as Ghana's most financially reckless ministry.
It said the Finance Ministry recorded over GH¢11 billion in losses to the state due to acts of omission and commission by its officials.
The losses were said to have been recorded between 2015 and 2020 and the calculations were based on irregularities tracked in the Auditor-General’s reports for the said years.
