The Minister for Finance, Ken Ofori-Atta, has indicated the government’s plans to raise revenue through property rates since it has become a challenge for the MMDAs and often flawed with inefficiencies.
He said property rates have the potential to increase revenue mobilization of MMDAs and release resources for the provision of basic infrastructure as well as the needs of our localities.
This was revealed in the 2022 budget being presented to Parliament by the Minister of Finance, Ken Ofori-Atta, on the 14th sitting of the 3rd meeting of the 1st session of the 8th parliament.
He indicated that property rate assessment and collection pose the biggest challenge to most MMDAs and often result in low revenue collection.
"Government through GRA from January 2022 will assists the MMDAs to implement a common platform for property rate administration to enhance property rate collections and its accountability," Ofori-Atta said.
He said this is necessary to ensure course recovery by the government in providing infrastructure for the collection of the rates throughout the various MMDAs in the country, adding that the sharing ratio will be agreed upon with the assembly in due course.
Source: Abdul-Razak Mohammed (Real Estate Times Africa)