- Ghana is reforming its VAT system to improve compliance and ease business burdens.
- The VAT rate will be reduced from 21.9 percent to 20 percent by 2026.
- The Fiscal Electronic Device Act will require electronic sales gadgets for specified businesses.
- The reform aims to accurately record transactions and reduce revenue leakage.
- The full 20 percent VAT will be deductible, removing non-recoverable costs for businesses.
- An Independent Tax Appeal Board will be established for faster dispute resolution.
- A nationwide education campaign will target SMEs to improve compliance.
- The strategy includes electronic monitoring, simplified rates, fairer appeals, and taxpayer education.
- Success depends on effective implementation and gaining public trust.
Source: newsghana.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.
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