The authorities in Ghana emphasize in their recent news what the main benefits of the E-VAT system that is being introduced in Ghana are for all taxpayers.
But what benefits are we talking about?
The benefits of Ghana's new E-VAT system
Public
Ghana
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
908
Content accuracy validation date:
06.06.2023
Content accuracy validation time:
08:51h
Among others, the benefits include:
- Real-time authentication and validation of sales documents (receipts, invoices)
- Comprehensive training and testing for companies joining the system
- Dedicated relationship managers to address business challenges for onboarding
- Effective monitoring of taxpayer activities to discourage tax evasion
- Improved revenue collection and streamlined business processes faster.
- Centralized invoicing and receipting system for an easier refund process and VAT return reporting
- Free invoicing systems that are possible for certain categories of taxpayers
- System-to-system integration of the taxpayers' systems already in use (point-of-sale software, ERPs, etc.).
The new e-VAT system in Ghana offers several benefits. According to GRA, the electronic system enables real-time authentication and validation of invoices and receipts. Companies joining the system will receive training and testing before joining the system.
It was emphasized that the GRA (Ghana Revenue Authority) can monitor all taxpayer activities, discouraging attempts to evade taxes inside E-VAT. Additionally, the new system streamlines the refund process by centralizing sales documents and simplifying VAT return reporting. It offers three solutions: free invoicing systems for taxpayers without one, system-to-system integration, and certification of point-of-sale accounting software to be offered for use by taxpayers. Other than following the preset timeline for transitioning to the E-VAT system, there is a possibility of voluntary pre-enrollment by the taxpayer.
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