Monday, October 2

Intl Monetary Institutions commend GRA for Strong Performance

Pinterest LinkedIn Tumblr +

International monetary institutions have satisfyingly commended the Gambia Revenue Authority (GRA) for its “strong performance in collecting tax; improved tax compliance and excellent overall collection rate.”

The endorsement and commendation seen by The Point comes on the heels of a post pandemic recovery strategy adopted by several developing nations across the globe.

Africa, a continent that was hit extremely hard by the pandemic took a more challenging and tougher approach on taxes, however, GRA was able to balance it with “empathy” as well as various other concerns.

Consequently, the Agency was found to be among few institutions with “unprecedented performance…even though the country has little natural resource…extra wealth or reserve…”

Furthermore, both International Monterey Fund (IMF) and the World Bank (WB) officials equally acknowledged that taxes in the country grew by around 4.9 percent compared with 3.6 percent in 2020”.

Additionally, GRA’s plans to “gradually digitalize its tax collection process…implement a road cargo and electronic cargo tracking system…engage with commercial banks with a view to allow taxpayers to make payments via mobile apps…is remarkable and deserve full support.”

Due to the “development and progression” tax revenue collection is projected to increase dramatically.

According to the officials, a result of a “level-headed management,” tax revenues are expected to broadly return to their pre-pandemic level following the abrupt decline.

Similarly, with its Corporate Strategic Plan, GRA is expected to yield important outcomes such as the “clean-up of the tax registry; payments and management of tax arrears; the audit of companies graduating from the special investment certificate programme” amongst others.

Likewise, The Gambia government has also reportedly issued “three-year bonds at a fixed coupon rate and introduced a five-year bond…and published an Annual Borrowing Plan (ABP) which is an essential guide for the execution of its targets.

An EU official who has been canvassing for finance and investment support for the country responding to the news said: “The Gambia is a valuable partner. We are carefully monitoring all the events…So far so good. It is also in-line with our desire and aspiration for the country…”

However, officials have cautioned that “the slow recovery of economic activity in early 2021 as well as the persistent decline in merchandise trade, and rising freight costs that hindered the GRA from previous meeting the collection target must be confronted head on.”