GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System
The Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Kwasi Sarpong, has disclosed that cryptocurrency traders in Ghana will soon be brought under the tax net as the Authority rolls out new technology to track digital asset transactions.
Speaking on Joy News’ PM Express Business Edition on Thursday, Mr Sarpong noted that while crypto trading is fast evolving, the existing tax laws already provide a framework to capture gains made in the sector.
“One interesting area is crypto. The crypto is evolving and growing very well. And today we have people who are dealing with cryptocurrency, and they are making money. That area is evolving. Our laws are coming up. So again, we are working with the Securities and Exchange Commission and the Bank of Ghana to bring the regulation. But in terms of tax laws, one, the tax law is still not a new one. If you make a profit or gain, you’re supposed to pay that,” he said.
He explained that the GRA is developing systems to identify and monitor digital transactions, stressing that the technology will enable the Authority to bring crypto accounts into focus and ensure compliance.
“So today, the technology we are going to deploy will be able to bring in all the crypto accounts into focus, and then we will work with these individuals to make sure that we bring them into the tax net,” he added.
Mr Sarpong underscored that the initiative forms part of the broader goal of aligning Ghana’s tax administration with the digital economy.
“Digitisation and digital economy are here with us and into the future, and most importantly, even the taxpayer of the future is digital. And that’s why we as GRA are preparing ourselves to be digitally ready for today and into the future, so we can continue to deliver on our mandate of revenue mobility.”
Beyond crypto, the Commissioner-General pointed out that the Authority is also seeking to plug revenue leakages in online transactions. According to him, existing VAT rules already cover e-commerce, but the lack of visibility in digital payments has limited compliance.
“So today, online business tax rules already exist, which is, for example, the VAT. If you are buying as you walk into a physical shop, you pay VAT. In the same way, when you are buying online, you pay VAT,” he explained.
He revealed that the GRA will by September deploy technology to track online purchases and capture VAT at the point of payment, with a pilot expected to run until the end of the year before full-scale implementation.
Mr Sarpong emphasised that the strategy is consistent with the government’s policy of expanding the tax net through enforcement rather than the introduction of new taxes.
“So you know the policy of President Mahama and the Finance Minister is that we are not introducing so many new taxes because we already have within our tax laws sufficient measures that once implemented will help us deepen and expand the tax net,” he said.
