- Mr. Abeku Gyan-Quansah from PwC urged the government to reconsider abolishing the VAT Flat Rate Scheme.
- He suggested reinstating the repealed VAT Act 810 of 2010 for wholesalers and retailers within a defined turnover threshold.
- The suggestion was made at a stakeholder engagement by the Ghana Integrity Initiative in Accra.
- The event focused on addressing structural, legal, and policy gaps in VAT reforms.
- Mr. Gyan-Quansah emphasized the value of the flat rate system for market participants.
- Reinstating the provisions could simplify computation and improve compliance and monitoring.
- Finance Minister Dr. Cassiel Ato Forson announced plans to abolish the VAT flat rate and raise the registration threshold in March.
- The reforms aim to address inefficiencies and reduce the tax burden on households and enterprises.
- Mr. Gyan-Quansah highlighted the complexity of ensuring equity and efficiency in tax administration.
- Mr. Daniel Nuer from the Ministry of Finance mentioned efforts to consolidate tax legislation into a unified law.
- Mr. Kingsley Konadu recommended raising the VAT threshold beyond GHS200,000, noting that most VAT revenue comes from businesses with turnover over GHS1 million.
Source: gna.org.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.
