Finance Ministry Begins VAT System Review to Ease Business Challenges, Says Ato Forson

• The Finance Ministry has started reviewing the VAT system.
• The review aims to address business challenges with the current VAT structure.
• The process is supported by the IMF’s Technical Assistance Mission.
• The current VAT rate is 21.9 percent, one of the highest in Africa.
• Compliance issues are a major concern for businesses.
• The government is working with the IMF and World Bank Group on the review.
• The goal is to simplify the VAT system before the next national budget in November.
• A complete overhaul of the VAT system is being considered.
• The review aims to improve tax compliance, increase revenue, and reduce business strain.

Source: gbcghanaonline.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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