Govt to reintroduce integrated property tax system to enhance revenue mobilization
Government has announced plans to reinstitute the integrated property tax system. It plans to synthesise data from Metropolitan, Municipal, and District Assemblies (MMDAs), Lands Valuation, the Electricity Company of Ghana (ECG), and other relevant agencies to accomplish that move . The initiative aims to create a comprehensive digital property record database, transforming property data management and ensuring a more efficient and accurate property tax system.
Finance Minister Dr. Mohammed Amin Adam highlighted the government’s commitment to enhancing revenue mobilization for internally generated funds (IGF)-reliant covered entities. He mentioned that discussions would be held to provide incentives to institutions that exceed their annual revenue targets. Dr. Amin Adam made these remarks while presenting the 2024 Mid-Year Fiscal Policy Review to Parliament on Tuesday.
The Minister also emphasized the ongoing deployment of the Ghana.Gov Payment Platform to remaining public institutions, ensuring that those already onboard go live. The full rollout and utilization of the Ghana Integrated Financial Management Information System (GIFMIS) for processing IGF expenditures are expected to be completed by the end of the year.
As part of the revenue mobilization efforts, the government plans to develop a framework for the reintroduction of road and bridge tolls. This modernized and efficient tolling system is set to commence in 2025.
Dr. Amin Adam stated that for the remainder of the year, the Ministry of Finance would deepen engagements with the Ghana Revenue Authority (GRA) and relevant stakeholders to effectively implement policy, administrative, and regulatory measures to meet revenue targets. To broaden the tax base, the government will deploy a simplified digital solution for the operationalization of the modified taxation scheme and an electronic bookkeeping system.
Additionally, 2,000 more taxpayers will be added to the electronic invoicing system (e-VAT) by the end of the year. The GRA will continue cleaning the taxpayer register and onboarding more taxpayers onto its electronic systems to improve taxpayer experience and compliance. Furthermore, the GRA will enhance data sharing with other tax jurisdictions to boost revenue mobilization.
This comprehensive approach is designed to improve efficiency in tax collection, broaden the tax base, and ensure sustainable revenue growth for the nation.
4o
