GRA hits GH¢113.06 billion revenue collection in 2023, exceeds target

January 29, 2024
Ghana Revenue Authority exceeds 2023 tax collection target

The (GRA) has reported a remarkable achievement, surpassing its tax revenue target for the 2023 fiscal year. The collected tax revenue amounted to GH¢113.06 billion, exceeding the revised target of GH₵109.19 billion and the initial target of GH₵106.00 billion.

This outstanding performance represents a nominal growth rate of 49.3%, surpassing the expected growth rate of 44.2% over the 2022 fiscal year. The Commissioner-General of GRA, Rev. Dr Ammishaddai Owusu-Amoah, expressed his satisfaction, stating, “I am happy to announce that we recorded a year-on-year growth of 49.3%, the highest ever recorded in the last 20 years and the highest tax to GDP ratio of 14.1% in the last six years.”

The domestic tax revenue played a significant role in this achievement, experiencing a remarkable growth of 54%, contributing 73% to the total revenue raised. Tax revenue from international trade (Customs) also grew by 38.2%, contributing 27% to the overall tax revenue.

Key contributors to the exceptional performance include intensified compliance activities, provisional assessments for 2023, and increased Corporate Income Tax (CIT) payments, particularly from banks, witnessing a growth rate of 54.8%.

The major mining firms, traditionally the highest contributors to CIT, saw their total contribution grow by 39.6% in 2023. The relatively favourable gold prices and increased sales by taxpayers contributed to this positive outcome.

Domestic registered a record year-on-year growth of 61.9%, driven by intensive compliance and invigilation exercises. The passage of the upfront VAT payment Act in May 2023 further enhanced its performance.

Import VAT also exceeded its target by 3.5%, achieving a growth rate of 53.3%, while the E-Levy witnessed a significant year-on-year growth of 85.7%, reflecting increased transaction levels, especially in person-to-person transfers.

Despite the success, Rev. Dr. Owusu-Amoah urged eligible individuals and businesses to contribute their fair share towards Ghana's . The GRA pledged to continue efforts to expand tax initiatives outlined in the 2024 , engaging stakeholders for smooth implementation.

Latest from Finance