The process to review the country’s current Value Added Tax (VAT) regime has progressed steadily and almost ready for implementation.
This comprehensive review is expected to simplify VAT payment and boost domestic revenue mobilisation.
In a virtual engagement with some Journalists and Imani Ghana, Acting Commissioner General of the Ghana Revenue Authority, Anthony Kwasi Sarpong, disclosed that the GRA is ready to implement the new system, which is almost ready.
Speaking on “Resetting Ghana’s Revenue mobilization”, the Commissioner General expressed optimism that the new system will improve the country’s tax-to-Gross Domestic Product (GDP) ratio.
He announced that work on the review is far advanced and will be submitted to the Minister of Finance in due course.
“Ghana is expanding, the population is growing. Today we’re above 30 million people and in a few years, we will reach 40 million and over. This implies that consumption is going to grow and VAT must necessarily grow with it. And so one of the ways we’re looking at is how to revamp our VAT to ensure that it is efficient and convenient for both retailers and consumers”, he said.
“It is for this reason that the minister in the 2025 budget announced a comprehensive review of the VAT regime and administration. As you may know, the exercise has commenced and is almost coming to an end. So, we believe that the recommendation will guide the minister to come out with the right policies and we as a tax administration will take it on and implement in a manner to ensure that the VAT which is the future revenue for this country is properly implemented and bring in the needed revenue for the state”, he assured.
The virtual engagement also afforded participants and stakeholders the opportunity to ask the Acting Commissioner-General about the revenue targets for the year and strategies to increase the tax-to-GDP ratio for the short to medium term.
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