Business

GRA retrieves over US$93m revenue via informants’ scheme

Through its informants’ incentive program, the Ghana Revenue Authority (GRA) has collected more than US$ 93 million and an extra GH421 million from foreign and domestic businesses doing business in the nation.

Ordinarily, the corporations could have avoided paying these taxes, which would have cost the state money, if informants hadn’t used the Informant Application System to alert the Authority.

The corresponding informants received generous rewards for their initiative.

Acting Head of Intelligence at the GRA, Wisdom Xetor, remarked this is a sign that the Informant Reward Plan is successful and has to be promoted among citizens while speaking to press about the revival campaign for the GRA informants reward scheme.

Even before the year could close, “We have recovered more than GH421million as well as US$98million so far. I believe the scheme is working because many people are submitting information that is helping to recover taxes that may have been lost if they had no way to alert us about irregularities involving tax payments in the nation, he said.

The Informant Award Scheme is a method of paying people, institutions, or organizations that provide the GRA with information regarding people or businesses that violate Ghanaian tax rules.

For the purpose of enforcing compliance with tax rules, this information is relied upon.

It is frequently used to determine things like if someone is eligible to file taxes, whether they do so, whether the right amount of tax has been filed and paid, etc.

Explaining the conditions and payments made to informants, Mr. Xetor said that those whose information results in a recovery of less than GHC 2.5 million will receive a payment of 25% of interest or penalties, up to a maximum of GHC 25,000.

When the total exceeds GH2.5 million, the informant will receive 1% of all collected, up to a maximum of GH 250,000.

Additionally, when the sum recovered surpasses Gh25 million, top management decides how much to pay after consulting with the board.

However, if there are no penalties or interest and the amount recovered is less than GHC 2.5 million, the Commissioner-General may decide to make a flat payment of between GHC 5,000 and GHC 25,000.

The GRA is hoping that many citizens would provide information that enables the state to reclaim more money.

 

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