New physical and electronic devices for VAT implementation will be a game changer – GRA boss
The Commissioner-General of the Ghana Revenue Authority, Anthony Kwasi Sarpong is positive the deployment of fiscal electronic devices at shops under the new Value Added Tax reforms implementation would facilitate revenue mobilization.
The Ghana Revenue Authority (GRA) is optimistic that the implementation of fiscal electronic devices for Value Added Tax (VAT) reforms will significantly improve revenue mobilisation. These devices, mandated by the recently approved Fiscal Electronic Device Act, will record transactions, calculate VAT automatically, and report directly to the GRA in real-time.
The GRA hopes that this new system will address the current compliance gap of around 40%, which stands at approximately 80 million cedis in the first half of the year with an end-of-year target of over 170 million cedis. The Asantehene, Otumfuo Osei Tutu II, has urged the GRA to expand their tax net to include the informal sector and stressed the importance of collaborative efforts for Ghana's benefit.
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