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Gov’t missing revenue target due to lower company taxes from oil companies

Lower company taxes especially from oil companies pushed government to miss its revenue targets for the last quarter of 2012.

Total revenue and grants excluding exemptions amounted to a little over GHC 16 billion about 22 percent of GDP against a budget estimate of almost GHC 17 billion.

Of this the tax revenue amounted to almost GHC 12 billion almost four percent lower than the budget target of $12 billion.

Meanwhile non tax revenue was a little over $2 billion below the budget estimate of nearly GHC 3 billion.

This was caused by the non realization of proceeds from mining companies as the intended review of the stability agreements stalled during the year.

Source:  citifmonline

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