Fiscal subject related
Content
The Area Enforcement Manager of GRA stated that every registered VAT taxpayer who joined the E-VAT system is required to issue an electronic fiscal receipt and invoice with details prescribed by the Commissioner-General when they provided services or supplied goods.
The main offenses, in short, are:
- Non-issuance of fiscal receipts and invoices by suppliers of taxable items, goods, or services
- Issuance of owning a different VAT instead of the Commissioner-General’s fiscal receipt and invoice
- Selective issuance of fiscal receipts and invoices
- Impeding tax administration by failing to comply with the E-VAT system and the issuance of fiscal receipts and invoices
From GRA, it was stated that the punishment for such infractions as provided under the VAT Act included a fine of not more than one hundred penalty units, a term of imprisonment of not more than six months, or both, in addition to a payment of penalty in the amount of not more than GHC 50,000, or three times the amount of tax involved, which can be considered high penalties for non-compliance. Based on the current information, the operations of control would continue until the whole tax payment was automated on a system to enforce mandatory payments and VAT compliance.
The GRA is making significant strides in modernizing its tax system with the implementation of the second phase of the E-VAT system. Set to begin no later than December 2023, this phase aims to streamline tax processes and enhance revenue collection further in the country. The E-VAT system is part of the government's efforts to increase revenue mobilization and reduce tax evasion.
The GRA has urged all taxpayers to comply with the E-VAT system and the issuance of fiscal receipts and invoices as required by law. The GRA has also assured taxpayers that it will provide adequate support and guidance for the smooth implementation of the system in this process.
Other news from Ghana
Ghana's dual approach when it comes to fiscal receipt forms
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
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.
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
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?
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
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
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