Upfront Payment Policy

GRA To Charge Importers Additional 12.5% If They Fail To Register For VAT
06 Jun

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