- The Ghana Revenue Authority (GRA) dismissed concerns from the Abossey Okai Spare Parts Traders Association about the new VAT regime, calling them a misunderstanding.
- The new VAT system allows traders to reclaim input VAT, reducing their effective cost base and resulting in lower consumer prices compared to the old system.
- The GRA clarified that any price increases are likely due to traders’ transitional pricing errors, not the VAT policy itself.
- The VAT registration threshold was raised to relieve small businesses of administrative burdens, not to distort competition.
- The GRA is working with trader associations to provide support and guidance during the transition to the new VAT system.
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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