Barring any last minute glitch, the Ghana Revenue Authority (GRA) will on June 6 this year begin implementing a new tax compliance tool referred to as the Upfront Payment of Value Added Tax (VAT).
The upfront VAT payment, according to the GRA, is not a new tax but a compliance tool – which law was passed last year, 2022, in the VAT amendment Act (Act 1082) that requires charging an additional 12.5 percent on the Customs value of goods imported by businesses which are mandated to register for VAT but have failed to do so.
- Stakeholder engagements
- Aim of the compliance tool
- 2023 tax target
- VAT penetration levels
Source: thebftonline.com
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