- IMF recommends implementing electronic invoicing system to improve VAT regime
- Suggests removing COVID-19 levy and re-crediting NHIL and GETFund
- Proposes lowering VAT effective rate and raising VAT threshold
- Recommends removing flat rate VAT scheme for retailers
- Suggests expanding tax base to include under-taxed services
- Advises enhancing turnover tax and consolidating VAT legislation
- Recommendations are for short-term reforms to enhance VAT regime
- Engagement held with professional bodies to gather input on VAT reforms
- IMF recommendations are not binding; government gathering input for new tax law
- Medium-term recommendations include broadening tax base and reducing VAT rate
- Suggests allowing mining and petroleum licence holders to register for VAT
- Recommends removing VAT exemptions on machinery and raw materials
- Proposes phasing out zero-rating for specific industries
Source: graphic.com.gh
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.
