GRA Archives - Page 12 of 13

12 Oct

GRA Shuts Down 4 Branches Of Palace Mall In Accra For Non-Compliance With E-VAT Invoicing

wontumionlineNewsE-VAT, GRA, Palace mall

Officials of the Ghana Revenue Authority (GRA) have shut down four branches of the Palace Mall. The closure occurred on Tuesday, October 11, 2022. The affected branches are; Labone, Spintex, Atomic roundabout and Weija. They were closed for non-compliance with the Authority’s E-VAT Invoicing system. According to the GRA, a number of selected shops have deliberately failed to issue VAT invoices electronically when customers walk in to make purchases. The GRA says failure of these shops to abide by its directive sends signals that they are under-declaring tax. The Area Manager of GRA’s Accra Central office, Joseph Annan, in a…

11 Oct

Kumasi Traders Shut Down Shops: GUTA Claims There Is Disparity In The Payment Of VAT

wontumionlineFeatured, News, TrendingGhana, GRA, GUTA, Kumasi, Mr. Benjamin Yeboah, traders

Some traders in the Ashanti Region have closed their shops after Ghana Revenue Authority(GRA's) new tax formula began implementation on Monday 9th October, 2022. According to the report, GRA officials have been designated to sit in front of shops to keep watch over the Value Added Tax (VAT) on the number of items they sell. The Ghana Union of Traders' Association(GUTA) however, has revealed there is disparity in the payment of VAT. Speaking to Kwaku Dawuro on Movement In The Morning Show, Mr. Benjamin Yeboah the welfare officer of GUTA stated that ''traders are battling with the rise in the…

11 Oct

Intensify Tax Education- Kafui Amegah Tells GRA

wontumionlineFeatured, News, TrendingGRA, Kafui Amegah, Kumasi, Tax, VAT

A communicator of the New Patriotic Party (NPP), Kafui Amegah(NPP) has said Ghana Revenue Authority(GRA) needs to intensify education on the payment of tax to boost payment. His comment comes after some shops in Kumasi shut down to protest what was described as 'killer' taxes and VAT on their businesses. Speaking to Kwaku Dawuro on Movement In The Morning Show, Mr Amegah said that ''GRA needs to educate Ghanaians on taxation and the Value Added Tax(VAT). Most people are not aware they need to pay income tax and VAT on every profit they make. The country stability rest on taxes,…

10 Oct

We’ve Received GH¢328m From E-levy So Far – GRA

wontumionlineBusinessE-levy, GRA

The Ghana Revenue Authority (GRA) has disclosed that three hundred and twenty-eight million cedis (GH¢328m) has been realized so far from the e-levy. According to Dr. Ammishaddai Owusu-Amoah, Commissioner-General of the GRA this amount is total since the tax took effect from May. “We continue to see increases in the revenue collected and we are confident that this will continue. There is increasingly between 10-15% improvement in collection of the E-levy on a month-on-month basis”, the Commissioner-General, Rev. Dr. Amishaddai Owusu-Amoah disclosed. Meanwhile, the GRA will begin the piloting of an automated Auctioning platform on the Integrated Customs Management System (ICUMS)later…

04 Oct

GRA Rolls Out Electronic Invoicing System From 1st October

wontumionlineBusinessGRA

The Ghana Revenue Authority (GRA) from Saturday 1st October 2022 began with the use of a certified invoicing system for the administration of Value Added Tax (VAT) in Ghana. This forms part of efforts to increase tax compliance and generate more revenue for the state. A Certified Invoicing System is an electronic invoicing system(E-VAT) certified by the Commissioner-General per the VAT Act 870 as amended. All businesses that have been registered or qualify to be registered to charge VAT. Businesses that operate under the manual VAT invoicing regime would be migrated onto the E-VAT Invoicing system. The deadline for the…

26 Sep

GRA Rejects Auditor-General’s Claim Of GH₵3.26bn Loss

wontumionlineNewsGRA

The Ghana Revenue Authority (GRA) is refuting claim that the country has lost GH₵3.26 billion as reported in the 2021 Auditor General’s report. According to the GRA, the said amount, which was Energy Sector Levies, was not inculcated in the assessment conducted by the Audit Service in May 2022. A statement signed by Florence Asante, Assistant Commissioner, Communication and Public Affairs, GRA, clarified the circumstances leading to the money being tagged “unaccounted”. She explained further that the GRA furnished the Controller and Accountant General Department (CAGD) with provisional revenue figures for 2021 of GH₵60.69 billion in March 2022, including Energy…

15 Sep

Issuing Fake VAT Invoice, Others: Directors Of Businesses Face 5-Year Prison Term – GRA

wontumionlineBusinessEdward Gyambrah, GRA, VAT, VAT invoice

Beginning October, 2022, directors of registered businesses across the country issuing fake invoices, receipts and also failing to file their annual tax returns could face over five years in prison. According to the Head of Domestic Tax Revenue Division at the Ghana Revenue Authority, Edward Gyambrah, the authority has already started prosecuting some businesses and will continue to descend on others who fail to do good business with customers. Section 41 (11) of the VAT Law states that businesses that fails to issue a tax invoice through a Certified Invoicing System contrary to subsection 2 faces sanctions include conviction to…

12 Sep

GRA To Prosecute Business Owners Who Fail To Issue VAT Invoices

wontumionlineBusinessGRA, VAT

The Ghana Revenue Authority has given the strongest indication that it will in the coming days arrest and prosecute business owners who do not issue Value Added Tax (VAT) invoices to customers. The move which is in line with the Authority’s mandate to improve voluntary compliance is also part of a larger goal to help the Authority achieve its revenue target of GH¢80.3 billion for the 2022 revenue collection year. The initiative by the Ghana Revenue Authority, GRA, follows the roll-out of a special exercise by the GRA to ensure that businesses and customers act in accordance with the VAT…

07 Sep

GRA Allays Fears Over Revenue Loss Due To AfCFTA

wontumionlineBusinessAfCFTA, GRA, Rev. Dr Amishaddai Owusu Amoah, Tax Research Network Congress

The Ghana Revenue Authority is allaying fears over the projected loss of revenue from tax collection due to the implementation of the African Continental Free Trade Agreement (AfCFTA) in the short term. According to the World Bank, there will be a decline in port tariffs for member countries, as a result of the trade agreement. The decline in revenue is expected to be moderate in the early years due to progressive liberalisation, however, in the longer term, between 2025 and 2045, the decline will increase from 3% to 9%. Speaking in an interview with Joy Business after addressing the Tax…

29 Aug

Col Damoah Removed From Office; ‘Hand Over Your Duties And Office’ – Presidency Orders

wontumionlineNewsCol. Damoah, Customs Boss, GRA

President Akufo-Addo has directed the Commissioner of the Customs Division of the Ghana Revenue Authority, Colonel Kwadwo Damoah to hand over his duties. The directive took effect on Friday, August 26, 2022. The order was contained in a letter from the Presidency signed by the President’s Executive Secretary, Nana Bediatuo Asante. “Following the expiration of your contract of service as Commissioner (Custom Division) of the Ghana Revenue Authority on 13th October, 2021, the President of the Republic has directed that effective Friday, 26th August, 2022, you hand over your duties and office to the acting Deputy Commissioner (Preventive Service), Mr.…