Govt to reintroduce integrated property tax system – Minister of Finance
The Minister of Finance, Dr Mohammed Amin Adam, has announced that the government plans to reintroduce the integrated property tax system by consolidating data from various government agencies.
This initiative aims to establish a comprehensive digital property record database, which will revolutionise property data management and improve the efficiency and accuracy of the property tax system.
Additionally, discussions will be conducted to consider providing incentives to institutions that surpass their revenue targets in order to enhance revenue mobilisation by IGF-reliant Covered Entities.
Speaking during the presentation of the 2024 Mid-year Fiscal Policy Review to Parliament on Tuesday, he said the ministry would
continue the deployment of Ghana.Gov Payment Platform to remaining public institutions and ensure that all those already on-board went live.
Additionally, the outstanding activities for the full rollout and utilisation of the GIFMIS for the processing of IGF expenditures would be completed by the end of the year.
He said the government would 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.
Dr Amin said for the rest of the year, the Ministry of Finance would deepen engagements with both GRA and relevant stakeholders to effectively implement policy, administrative and regulatory measures to ensure that the revenue targets are met.
He said to broaden the tax base, a simplified digital solution for the operationalisation of the modified taxation scheme would be deployed, as well as an electronic bookkeeping system.
Additionally, 2,000 more taxpayers would be added to the electronic invoicing system (e-VAT) by the close of the year.
He said GRA would continue with the cleaning of the taxpayer register and on-board more taxpayers onto its electronic systems to improve the taxpayer experience and compliance.
BY TIMES REPORTER
