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GRA to charge importers additional 12.5% if they fail to register for VAT

June 6, 2023
in Business, Ghana General News
gra to charge importers additional 12 5 if they fail to register for vat
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The Ghana Revenue Authority (GRA) is cautioning all importers who qualify to register for Value Added Tax (VAT) but have failed to do so will be charged an additional 12.5% on the customs value of taxable goods they import, from June 6, 2023.

This follows the implementation of the Upfront Payment Policy.

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According to the GRA, the upfront payment is charged at importation on taxable goods imported in commercial quantities with a value of ¢200,000 and above.

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GRA to charge importers additional 12.5% if they fail to register for VAT

It explained that the Upfront Payment Policy is not a new tax, but a compliance tool to encourage persons required to register for VAT to register and file returns.

GRA to charge importers additional 12.5% if they fail to register for VAT

This is to help bring parity in the administration of VAT.

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If continued that importers who make the upfront payment may be allowed to recover the amount when the register and file their VAT returns as stated in Act 1082.

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It therefore entreated all importers who qualify to register for VAT to make arrangements to register at the nearest Taxpayer Service Center to avoid the upfront payment.

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