In Ghana, the E-VAT system (also known as the fiscalization system) was recently introduced to many taxpayers. The implementation of this system began in October 2022 and is expected to be completed in full by the fourth quarter of 2024.
Ghana implements the E-VAT system in a phased approach for different taxpayers
Public
Ghana
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
417
Content accuracy validation date:
31.05.2023
Content accuracy validation time:
15:25h
Content
To ensure a smooth transition, taxpayers are being enrolled in the E-VAT system based on a predefined timeline. The taxpayers in Ghana are categorized into three groups: large, medium, and small taxpayers. The Ghana Revenue Authority (GRA) aims to include all VAT taxpayers within this specified timeline in three main phases.
The first phase of implementation, from October 2022 to the end of the first quarter of 2023, focused on enrolling large taxpayers and high-risk taxpayers. This phase has been largely accomplished, with significant progress made in bringing these taxpayers into the E-VAT system.
The second phase, beginning in early 2023 and concluding by the end of the year, is dedicated to including medium taxpayers. During this period, medium-sized businesses will be required to join the E-VAT system, further expanding its coverage.
The final phase, from the second half of 2023 until the end of 2024 (with some small taxpayers expected to join by the first quarter of 2024), will encompass the enrollment of small taxpayers and any remaining taxpayers. By the end of this phase, the GRA aims to achieve full compliance with the E-VAT system among all taxpayers in Ghana.
Other news from Ghana
Ghana's dual approach when it comes to fiscal receipt forms
Public
Ghana
Author: Kristina Dosen
Ghana
Author: Kristina Dosen
In Ghana, the flexibility in issuing fiscal receipts is notable, as taxpayers are provided with multiple options for how they can deliver these receipts to their customers. Specifically, there are two principal forms of receipts that are allowed to be used and include printed and e-receipts. Printed Receipts: These are the traditional hard-copy receipts that can be provided by retailers during... Read more
New document was uploaded: Digital Product Passport
Author: Kristina Dosen
Do you even know what DPP is? Digital Product Passports (DPP) are set to play a crucial role in the European Union’s commitment to a circular economy. The purpose of this document is to provide you with a necessary overview of the upcoming Digital Product Passport requirements set to be implemented by the European Union. Read more
Ghana: The recent Tax Act amendment became effective.
Public
Ghana
Author: Kristina Dosen
Ghana
Author: Kristina Dosen
The recent amendments to the tax regulations bring a series of changes to Ghana, particularly in the VAT rates affecting certain sectors. These adjustments aim to incentivize certain economic activities while ensuring that essential services remain accessible. Significant amendments include some changes in the area of indirect taxes, as explained below. Reducing the VAT rate applicable to comme... Read more
New document was uploaded: Recorded webinar: It’s time to grow together
Public
Author: Kristina Dosen
In this discussion, we have introduced our new partner program and what is essential for international growth, while dealing with topics such as - Success factors for POS applications - What does globalization mean? - How to grow globally? Furthermore, we presented benefits for our partners. Last but not least, we presented our fiscal cloud architecture and its important features.You can down... Read more
Types and handling of discounts in Ghana: what do you need to know?
Ghana
Author: Kristina Dosen
Discounts are allowed in Ghana for various reasons, as long as they are fair and transparent. There are some rules for the types, treatments, and presenting discounts on receipts. There are two types of discounts in Ghana: item discounts and total discounts. So, let's find out more about them. Read more
Ghana's 2024 Budget: what businesses need to know about the VAT Changes
Public
Ghana
Author: Kristina Dosen
Ghana
Author: Kristina Dosen
Ghana's Ministry of Finance has published the 2024 Budget Statement delivered in this country's Parliament. Tax measures announced as part of the budget include the following, as written below:. Certified invoices will be required as the basis for all deductible expenses for income tax purposes. The second phase of the electronic invoicing system (e-VAT), covering six hundred large taxpayers an... Read more
How to register for VAT in Ghana: A Guide for new businesses who are starting to operate in this country
Public
Ghana
Author: Kristina Dosen
Ghana
Author: Kristina Dosen
Starting a new business in Ghana can be an exciting and rewarding venture, but it also comes with some responsibilities and obligations. One of them is to register for VAT if you meet certain criteria and thresholds. In this article, we will explain what VAT is, who needs to register for it, and how to do it in Ghana. The following provides more in-depth information VAT stands for Value Added Tax... Read more