• 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

GRA to end migration to E-VAT system by December 2024

2 years ago
in Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
79
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

GRA to end migration to E-VAT system by December 2024

The Ghana Revenue Authority (GRA) has announced the implementation of the Electronic Valued Added Tax (E-VAT) system, an electronic invoicing system aimed at transforming the manual invoice issuance process into an electronic format. The system, which is expected to promote a fair and equitable VAT regime, will be fully implemented by December 2024.

According to Philip Acquah, the Assistant Commissioner in Charge of Value Added Tax Administration at GRA, the E-VAT system will allow for invoices, including debit and credit notes, to be exchanged electronically, and GRA will authenticate and validate invoices issued by taxpayers in real-time. This process eliminates the bottlenecks associated with the current paper-based system, such as forgery, lack of data for effective compliance, ‘carding’ of invoices, and significant man hours spent auditing.

The implementation of the E-VAT system began with a pilot phase involving 50 taxpayers across different sectors, which was completed in October 2022. The government has since commenced Phase One of the implementation process with 600 taxpayers in the same industries/sectors, and it is scheduled to end in June 2023. Phase Two of the implementation is projected to begin in December 2023.

Despite the expected benefits of the E-VAT system, such as improved documentation and record-keeping, streamlined VAT refund processing, and reduced compliance burden, there have been reported issues regarding the efficiency of the system, such as system downtime and lack of response. However, the GRA has stated that technical remote assistance is being provided to address taxpayers’ issues in real-time, and the system’s capabilities have been refined following the pilot test.

The Ministry of Finance has clarified that the change in the law was not meant to disadvantage businesses but rather to spread the onboarding of businesses onto the system over a year. Daniel Nuer, the Head of Tax Policy at the Ministry of Finance, stated that the law’s change was to allow the Commissioner General to continue his duties, and businesses will be notified of their migration to the electronic system after the completion of the first batch.

The E-VAT system is expected to improve revenue generation, reduce budget deficits and make businesses more efficient and compliant. Non-payment of taxes is a criminal offense, and the government is enforcing the law through criminal prosecutions because civil prosecutions have not yielded the desired results.

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

The announcement of the E-VAT system was made during the Quarterly Tax Dialogue Seminar Series on the implications of the E-VAT on businesses in Ghana, hosted by the UK-Ghana Chamber of Commerce in partnership with PwC Ghana. The seminar covered other pertinent topics, such as the publicisation of migration guidelines and third-party invoicing.

The E-VAT system is expected to bring significant benefits to businesses and improve the efficiency of the VAT regime in Ghana. While there have been reported issues with the system’s efficiency, the GRA is providing technical remote assistance to address these issues. The Ministry of Finance has clarified that the change in the law was not meant to disadvantage businesses, and the E-VAT system is expected to improve revenue generation and make businesses more compliant.

Tags: E-VATgraGRA to end migration to E-VAT system by December 2024
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.