Electronic VAT invoicing takes off – 600 Firms covered under 1st phase

October 4, 20220

Type: Legislation

The Ghana Revenue Authority (GRA) has implemented an electronic invoicing system for businesses to submit value-added tax (VAT) invoices to the public. 

 The e-VAT invoicing system became operational last on 1st of October as a result of Section 42 of the VAT Act, 2013 (Act 870) being amended to designate electronic invoicing (e-invoicing) as the exclusive method for generating VAT invoices. 

The system is intended to assist the GRA to combat the various frauds that it claims are costing the state billions of cedis in lost tax revenue. 

 Since VAT is a consumption tax, the electronic system will enable the majority of the population to pay into the tax coffers and will respond to requests for the tax to be expanded in the future. 

 More than 600 large taxpayers, including listed companies that generate more than 80% of domestic revenue and up to 90% of VAT collections, will be included in the first phase of the implementation. 

 By 2024, it is expected to apply to all VAT taxpayers. 

 

Effective date: 1st October 2022

Source

 

Leave a Reply

Your email address will not be published. Required fields are marked *

TPA Global

Diemerhof 42 - Tower 42
1112 XN Diemen
Netherlands