Ghana Prepares to Implement New VAT System to Boost Revenue and Simplify Payments

• The review of Ghana’s VAT regime is nearly complete and ready for implementation.
• The review aims to simplify VAT payment and increase domestic revenue.
• The Acting Commissioner General of the Ghana Revenue Authority stated the new system is almost ready.
• The new system is expected to improve the tax-to-GDP ratio.
• The review will be submitted to the Minister of Finance soon.
• Ghana’s growing population and consumption necessitate VAT growth.
• The 2025 budget announced a comprehensive VAT review.
• The review’s recommendations will guide future policies and implementation.
• Participants in a virtual engagement discussed revenue targets and strategies to improve the tax-to-GDP ratio.

Source: myjoyonline.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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