- The Ghana government has raised the VAT registration threshold for businesses dealing in goods from GHS200,000 to GHS750,000 to ease the burden on small and micro enterprises.
- This reform is part of a broader move towards a simpler, more efficient, and technology-driven tax administration.
- The new threshold allows small businesses to operate without VAT compliance pressure until they surpass GHS750,000 in turnover.
- Additional reforms include abolishing the COVID-19 Health Recovery Levy, reducing the effective VAT rate, and modernizing tax administration with digital systems.
- These measures aim to simplify compliance, support private-sector growth, and drive economic transformation.
Source: citinewsroom.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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