The Ghana Revenue Authority (GRA) has sensitized taxpayers on the electronic Value Added Tax (VAT) system.
The certified invoicing system is an electronic system, certified by the Commissioner-General in accordance with the Value Added Tax Act 870, as amended.
The E-VAT is not a new tax, but an improvement on how VAT transactions are invoiced.
Mr Edward Gyambrah, Head of Domestic Tax Revenue Division, GRA, speaking at an engagement with Chief Executive Officers of businesses in Accra, commended the contributions of taxpayers towards the country’s revenue mobilization.
He said the Authority realized that VAT contributions to the country’s revenue were as low as 20 per cent and that Togo contributed 48 per cent of VAT, Benin contributed 42 per cent, and Cote d’Ivoire contributed 50 per cent.
To address the issue, he said the government introduced the E-VAT system to reduce the cost of compliance and help meet the revenue target.
Mr Gyambrah cautioned persons and business entities that might want to circumvent the system to evade tax as they would face the full rigours of the law.
Mr Philip Acquah, the Project Manager, E-VAT, said the Authority, in its commencement phase of the programme, began with some 50 taxpayers, and by 2024, the Authority would onboard all registered taxpayers onto the E-VAT system.
He said the second phase would start immediately after the first phase was completed and end by the
fourth quarter of 2023.
The third phase of the implementation will include all other VAT-registered taxpayers, and will be effective by the end of December 2024.
He said some of the benefits of the electronic system are ensuring a fair and equitable VAT regime, streamlining refund processes, and facilitating and saving audit hours.
