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

  • SOURCE: | Editor
  • 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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