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Govt to overhaul VAT System by end of year - Finance Minister

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The government aims to implement the VAT reforms by the end of the year, ensuring a more efficient tax system that aligns with international best practices.
The Ghanaian government, as announced by Finance Minister Ken Ofori-Atta, plans to overhaul the Value Added Tax (VAT) system by the end of the year to enhance efficiency and compliance. This initiative aims to address the current system's complexities and loopholes that lead to revenue losses. The overhaul includes the introduction of an electronic invoicing system to curb tax evasion, simplify the tax process, and ensure real-time tracking of transactions. Additionally, the government intends to broaden the tax base, improve the accuracy of tax collection, and reduce administrative burdens on businesses. This reform is part of a broader strategy to increase domestic revenue mobilization, which is crucial for funding national development projects and reducing dependency on external borrowing.

Read the Full BusinessGhana Article at:
[ https://www.businessghana.com/site/news/Business/324397/Govt-to-overhaul-VAT-System-by-end-of-year-%E2%80%93-Finance-Minister ]