• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Dr. Joseph Obeng advocates comprehensive restructuring of VAT

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
119
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Dr. Joseph Obeng advocates comprehensive restructuring of VAT 

In a candid address at the National Stakeholders Forum on Tax Equity in Ghana, Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), spotlighted glaring inefficiencies and disparities within the nation’s Value Added Tax (VAT) framework.

Central to Dr. Obeng’s critique was the palpable non-compliance evident in the VAT sector, attributing this malaise to a lax enforcement mechanism.

Ghana’s VAT regime, as delineated by the GUTA president, manifests in three distinct rates: a prevalent 22% standard rate, a 4% flat rate, and an exemption threshold that absolves select businesses from the VAT ambit.

“This then means that some consumers will not pay the VAT when they have the discretion to buy from businesses that do not charge VAT because of their threshold which takes those businesses out of the tax collection net,” he remarked.

Compounding this fiscal conundrum, Dr. Obeng elucidated that a mere 4 million out of a potential 13 million taxpaying Ghanaians fulfill their tax obligations, hence the need to spread the tax net and ensure tax equity.

He added that Ghana’s tax to GDP is low because the country’s tax systems are not well spread out to capture many people, and only the few that can pay, are the ones that are paying the taxes.

“Taxes must be fairly distributed and affordable to ensure compliance and payment by businesses and Ghanaians,” he added.

A revamped VAT system could serve as the linchpin, fostering fiscal equity and galvanizing broader tax compliance. As Ghana charts its economic trajectory, the clarion calls for fiscal recalibration resonate with increasing urgency.

The National Stakeholders Forum on Tax Equity in Ghana organised by Revenue Mobilisation Africa (RMA) and International Budget Partnership was on the theme ‘Promoting tax equity in Ghana – the role of key stakeholders’ on Thursday, December 21, 2023.

Tags: Dr. Joseph Obeng advocates comprehensive restructuring of VAT for tax equity.tax equity
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.