Ghana Revenue Authority proposes tax reforms and revenue growth targets

The Ghana Revenue Authority (GRA) has announced plans to extend the Modified Taxation Scheme (MTS) to qualifying small limited liability companies. The proposal aims to include businesses with an annual turnover of up to GH¢750,000, allowing them to access a simplified tax regime rather than the more complex standard corporate tax requirements. This move is intended to encourage business formalization among women and young entrepreneurs who may otherwise be discouraged by disproportionate compliance obligations.

In a separate strategic objective, GRA Commissioner-General Anthony Kwasi Sarpong stated that the authority aims to more than double its revenue collections by 2028. Having collected GH¢130 billion in 2024, the GRA is targeting GH¢225 billion by 2026. The authority’s strategy focuses on broadening the tax base, improving system predictability, simplifying rules, and utilizing digitization to enhance efficiency and compliance.