Wednesday, November 30, 2022

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We count on income enhance after full implementation of E-VAT system – GRA

Assistant Commissioner of the VAT Administration of the Ghana Income Authority (GRA), Philip Acquah is hopeful the GRA may enhance its income after the total implementation of its new digital VAT system.

The brand new digital VAT bill which is at present being carried out will enable GRA to attach the invoicing system of the Commissioner-Common to taxpayers and companies.

This provides the GRA the possibility to observe invoices by taxpayers immediately or close to actual value in order that the Commissioner-Common is aware of each single bill that’s being issued by taxpayers.

Talking in an interview with JoyNews, Mr. Philip Acquah famous that each nation the place this new system has been carried out has considerably elevated its tax income.

He defined that the GRA is equally anticipating to have its tax income elevated as soon as the total implementation is finished.

“Should you take a look at the historical past of implementation of digital invoicing globally, a whole lot of international locations that carried out them have seen a big soar of their tax income and that’s precisely what we count on to see with the appearance of this technique…there isn’t any doubt we simply began implementing the system not way back,” he mentioned.

In response to Mr. Acquah, the brand new e-invoicing system has been designed to dispose of the challenges which accompanied the guide invoicing system corresponding to under-declaration of taxes by taxpayers and non-filing of returns.

“That has been the norm. We all know that a whole lot of them are both not submitting the suitable returns that they’re purported to file and pay the due taxes or in the event that they file, they mainly file no returns and this can be very tough to observe up on each single taxpayer who both file no returns or has stopped submitting utterly.

“This time, GRA or the Commissioner-Common will know if the taxpayer is conducting enterprise in any explicit method so there isn’t any approach to conceal,” he added.

The brand new system, he mentioned began in March and is being carried out in numerous levels. He indicated that the GRA had already earmarked some taxpayers for the primary part and can sanction them accordingly in the event that they ignore to onboard unto the brand new system.

“We’re monitoring the method of the onboarders and any taxpayer who refuses to onboard based mostly on the timelines that we shared with them, will probably be sanctioned appropriately so there are nonetheless extra to return based mostly on the responses we obtain from the primary stage of implementation,” he acknowledged.

Mr. Acquah added that the GRA had since March educated all taxpayers who’re a part of the primary part of implementation and assigned relationship managers to every one among them to help of their registering onto the system.

Already, the Authority has shut down main buying and selling franchises together with; the China Mall, Palace Mall and the Regal Chinese language Restaurant in Osu for failing to enlist unto its new system.

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