Skip to main content

Some firms refuse to use electronic VAT system over fears of being exposed

 Some firms that were expected to deploy the Electronic VAT system for prompt tax assessment by the Ghana Revenue Authority are failing to comply, more than a week after the implementation of the new system.

This according to the GRA is due to fears that many of them will be exposed, as the right tax will be collected.

Speaking to Joy Business after an operation to close and seal the premises of China Mall, Accra Area Enforcement Manager at the Ghana Revenue Authority, Joseph Annan, said the GRA will leave no stone unturned in ensuring that the new electronic VAT system becomes successful.

“It exposes them because what you sell will definitely hit our system, so that you will be doing your thing in the shop, but we can be monitoring electronically. And as you know, many of them don’t declare all their sales so the electronic VAT system will help us get the right taxes from them”.

Some firms refuse to use electronic VAT system over fears of being exposed

We shall not rest until the right thing is done because as I always say, we don’t feel comfortable going round closing shops and doing all these operations. But the citizens have paid us to work and so we shall ensure that the right thing is done”, he warned.

The Electronic VAT system began in October 1, 2022 as a measure to help the Ghana Revenue Authority block revenue loopholes.

The authority has engaged all stakeholders and selected about 50 retail centers to begin with on a pilot basis before the full implementation begins by the end of the year.

Meanwhile, the China Mall and other shopping centers remain closed until they comply with the directive of integrating their collection database with the electronic VAT system provided by the Ghana Revenue Authority.

Comments

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...