- Ghana is losing nearly 60% of potential VAT revenue due to inefficiencies and non-compliance.
- Complex VAT amendments and separate levies have made compliance difficult and increased costs for businesses and consumers.
- The Ministry of Finance is initiating comprehensive VAT reforms to simplify the system, improve compliance, and boost revenue.
- Reducing the VAT compliance gap could raise Ghana’s tax-to-GDP ratio from 13% to 16%.
- Reviewing and reducing tax exemptions is also necessary to prevent further revenue loss.
Source: ghanabusinessnews.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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