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In that regard, the Pilot Phase has successfully passed: A highly successful pilot has been completed with 50+ taxpayers. The test and pilot phase provided a pathway for successful and seamless E-VAT implementation, which prioritized minimal disruption to taxpayers’ back-office processes. During the Pilot Phase, VAT revenue grew by over 58% based on the GRA statistics. Electronic VAT invoicing efficiency contributed to a revenue impact of GHs 124 million, accounting for 32% of this increase.
Phase 1: The initial rollout phase which is currently ongoing, is focused on onboarding large taxpayers who account for 80% of VAT contributions. The revised timeline for Phase 1 is currently 22 April 2024 to 31 May 2024. Initial results from Phase 1 onboarding have been highly encouraging, with a 175% progress rate so far, as measured against weekly onboarding targets.
As for Phase 2, the second phase targets the onboarding of medium and small taxpayers by the end of December 2024 and is planned to be completed by the end of 2024.
Lastly, Phase 3: The final implementation phase targets the integration of all other VAT-registered taxpayers into the E-VAT system.
Other news from Ghana
The GRAs’ informative statement regarding the implementation of the E-VAT system in Ghana
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The Ghana Revenue Authority (GRA) is in the process of rolling out an electronic VAT invoicing system that will assist businesses and the authority in obtaining real-time monitoring of VAT transactions. More on deadlines and some specifics are as follows. No later than June 2024, six hundred (600) VAT-registered taxpayers will be onboarded into the system to issue electronic VAT invoices based on... Read more
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New document was uploaded: Overview of fiscalization in European countries
This document contains an overview of the presence of fiscalization and its types in all European countries. Read more
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Ghana's dual approach when it comes to fiscal receipt forms
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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
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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
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Ghana: The recent Tax Act amendment became effective.
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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
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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
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