{"id":54531,"date":"2024-03-11T06:42:15","date_gmt":"2024-03-11T06:42:15","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/economywatch-finance-minister-highlights-taxation-strategy"},"modified":"2024-03-11T07:08:17","modified_gmt":"2024-03-11T07:08:17","slug":"economywatch-finance-minister-highlights-taxation-strategy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/economywatch-finance-minister-highlights-taxation-strategy","title":{"rendered":"Economywatch – Finance Minister highlights taxation strategy"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>The Minister of Finance and Economic Affairs Seedy Keita has credited the Government and the Gambia Revenue Authority for maintaining a progressive and hassle-free taxation system in mobilizing revenue for national development.<\/b><\/p>\n

\u201cThe government remains committed to a strategy of expanding the tax base rather than increasing tax rates, ensuring fairness and stability for all,\u201d the Finance Minister told taxpayers at the 6th Edition of the Taxpayers Award held on 2 March 2024 by the Gambia Revenue Authority(GRA) at the Kairaba Beach Hotel.<\/p>\n

The event serves as an important reminder that The Gambia, like many nations, is a tax-based economy, relying heavily on tax revenue to fuel nation\u2019s progress, the Minister noted, saying: \u201cThe revenue collected by the GRA is the lifeblood of our economy, enabling us to address critical needs and uplift the living standards of our fellow Gambians.\u201d<\/p>\n

Reforms to mobilize more revenue<\/b><\/p>\n

Tax reform processes will continue to unfold to generate more revenue for government to meet national duties, as the GRA has been tasked by government to raise up to D19 billion this year up from about D15 billion the Authority generated last year 2023.<\/p>\n

\u201cI have no doubt in your ability to surpass this mark once again. We are confident in your ability to achieve this goal, given the significant investments you have made in reform processes,\u201d the finance minister encouraged GRA, saying: \u201cThese reforms, which are spearheaded by H.E. President Adama Barrow, focus on innovation and efficiency, and have yielded remarkable dividends in revenue collection.\u201d<\/p>\n

Looking forward, he stated, the government, through the GRA, would implement innovative processes that would support international trade and promote entrepreneurship. \u201cThis, along with our focus on digitalization and IT infrastructure, aims to solidify The Gambia’s position as a hub of transit trade,\u201d he stated.<\/p>\n

Taxpayers appreciated<\/b><\/p>\n

The Finance Minister also appreciated taxpayers, saying taxes from private individuals, institutions and commercial enterprises are used to finance government expenditure.<\/p>\n

\u201cYour taxes provide the funding for government programs, capital projects and the vital services that uplift the lives of Gambians and propel us towards economic prosperity,\u201d he says, appreciating taxpayers for being exceptionally compliant.<\/p>\n

\u201cTo the esteemed members of the business community,\u201d he appreciated. \u201cI express my heartfelt appreciation. Your timely payments, diligent filing of tax returns, and compliance with revenue laws contribute significantly to the national coffers, allowing the government to function effectively.<\/p>\n

\u201cTo the esteemed awardees, congratulations on receiving these well deserved recognitions. Your exceptional compliance serves as an inspiration to others.\u201d<\/p>\n

Minister Keita reiterated the fact tha The Gambia, like many nations, is a tax-based economy, saying: \u201cIt is through the contributions of our esteemed taxpayers that we are able to fund vital government programs. In fact if the state were an equity company, the tax paying citizens are the shareholders! Therefore, setting aside a day to recognize the invaluable role taxpayers play in our economy is a laudable initiative.\u201d<\/p>\n

GRA commended<\/b><\/p>\n

The Finance Minister commended GRA for its outstanding performance over the years.<\/p>\n

\u201cAs the Minister of Finance,\u201d he said, \u201cI wish to use this platform to state my deepest gratitude to the GRA for its outstanding performance last year, mobilizing D15.794 billion against a target of D15.21 billion. This is not only a record but marks a quantum leap from 2017 to date. If you want to get a job done give it to a busy person. And this was achieved without increasing the tax rates (except for alcohol, gaming and cigarettes) but through enhanced compliance only.\u201d<\/p>\n

He said further: \u201cGRA has consistently exceeded expectations, and your success in surpassing the 2023 revenue target is a testament to your dedication, hard work and commitment to our domestic revenue mobilization drive. As they say, \u201cWhen you work hard, you get more work\u201d. Building on this momentum, the government has entrusted you with a new challenge for this year, a target of D19.52 billion. I have no doubt in your ability to surpass this mark once again. We are confident in your ability to achieve this goal, given the significant investments you have made in reform processes.<\/p>\n

\u201cI wish to extend my sincere appreciation to the GRA Board of Directors for their effective oversight and guidance, which has demonstrably contributed to the GRA’s consistent success. I also commend the entire management and staff, alongside all stakeholders, for their dedication and contributions to national domestic revenue mobilization, especially during this period of \u2018donor fatigue\u2019.\u201d<\/p>\n

Government foresight<\/b><\/p>\n

The Finance Minister also commended the President and the Government for the foresight in leading the way to generating handsome revenue for national development.<\/p>\n

\u201cI also want to express my gratitude to the President of the Republic for his unwavering support in our endeavors to strengthen domestic revenue mobilization,\u201d he said, adding that the government is fully committed to using taxpayer funds to further develop The Gambia, focusing on critical capital projects.<\/p>\n

Source: point<\/b><\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. The Minister of Finance and Economic Affairs Seedy Keita has credited the Government and the Gambia Revenue Authority for maintaining a progressive and hassle-free taxation system in mobilizing revenue for national development. \u201cThe government remains committed to a strategy of expanding the tax base rather than increasing tax rates, ensuring fairness and […]<\/p>\n","protected":false},"author":84,"featured_media":54530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[2355,2361,260],"class_list":["post-54531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nEconomywatch - Finance Minister highlights taxation strategy - Gambia<\/title>\n<meta name=\"description\" content=\"The Minister of Finance and Economic Affairs Seedy Keita has credited the Government and the Gambia Revenue Authority ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/economywatch-finance-minister-highlights-taxation-strategy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economywatch - 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