Finance Minister, Dr. Mohammed Amin Adam has revealed that government will re-institute the integrated property tax system and intends to develop framework to re-introduce road and bridge tolls.
Presenting the mid-year budget review to Parliament on Tuesday, July 23, he stated that “Government will re-institute the integrated property tax system by synthesizing data from MMDAs, Lands valuation, ECG and other relevant government agencies to create a comprehensive digital property record database that will transform property data management and ensure a more efficient and accurate property tax system”.
Also, “Government, will also develop a framework for the re-introduction of Road and Bridge Tolls to facilitate the processes for the implementation of a modernised and efficient road and bridge tolling system commencing in 2025.”
He added that for the rest of the year, the Ministry of Finance will deepen engagements with both GRA and relevant stakeholders to effectively implement policy, administrative and regulatory measures to ensure that the revenue targets are met.
To broaden the tax base, he a simplified digital solution for the operationalization of the modified taxation scheme will be deployed, as well as an electronic bookkeeping system. Additionally, 2000 more taxpayers will be on-boarded onto the electronic invoicing system (e-VAT) by the close of the year.
“GRA will also continue with the cleaning of the taxpayer register and on-board more taxpayers onto its electronic systems to improve the taxpayer experience and compliance. In addition, GRA will continue to enhance data sharing with other tax jurisdictions to boost revenue mobilisation.
“The high NTR performance for the first half of the year has necessitated an upward review of the 2024 estimates from about GH¢14.8 billion to GH¢18.8 billion. Public institutions that are reliant on internally generated funds will be allowed additional retention if they exceed revenue targets for the year.
“The Ministry will continue the deployment of the Ghana.Gov Payment Platform to remaining public institutions and ensure that all those already on-boarded go-live. Additionally, the outstanding activities for the full rollout and utilisation of the GIFMIS for the processing of IGF expenditures will be completed by the end of the year,” he further said.
