The Ghana Revenue Authority (GRA) has issued an update on the implementation of the Electronic Value Added Tax (E-VAT) system, confirming that the rollout is proceeding according to schedule. Apexnewsgh reports
Following a recent publication questioning the status of the E-VAT initiative, the GRA has reaffirmed its commitment to the swift and comprehensive implementation of the system.
A press release issued by the GRA on May 8, 2024, revealed that a successful E-VAT pilot has been completed with 50 taxpayers, yielding a 58% increase in VAT revenue, equivalent to an additional GHs 384 million. The pilot phase prioritized minimal disruption to taxpayers’ back-office processes and demonstrated the efficiency of electronic VAT invoicing, contributing GHs 124 million to the revenue growth.
The E-VAT system’s rollout is being conducted in phases, with the initial rollout phase currently underway, focusing on onboarding large taxpayers who account for 80% of VAT contributions. The revised timeframe for Phase 1 is April 22, 2024, to May 31, 2024. Encouragingly, the initial results from Phase 1 onboarding show a 175% progress rate against weekly targets.
The second phase, scheduled for completion by December 2024, will target medium and small taxpayers, while the final implementation phase will integrate all other VAT-registered taxpayers into the E-VAT system. The GRA expressed confidence in the significant positive impact of the E-VAT on VAT contributions and assured stakeholders of its commitment to the rapid implementation of the system.
Taxpayers seeking assistance or inquiries can contact their nearest GRA office or visit the authority’s website. The E-VAT system, deployed by the GRA following the amended Value Added Tax Act 870, certifies every invoice issued by taxpayers in near-real-time for revenue assurance purposes.
Source: Apexnewsgh.com
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