VAT Archives - Page 2 of 2

26 May

GRA Conducts Swoop On Two Companies For Non-Issuance Of VAT Invoice To Customers

wontumionlineBusinessGRA, VAT

The Ghana Revenue Authority (GRA) has conducted a swoop exercise on two companies for non-issuance of VAT Invoice to customers. The exercise took place at North Industrial Area, Kaneshie in Accra on Thursday, May 25 The two companies; Sika Kroabea Company and Ms Thakkar Overseas LTD deal in the wholesale of beverages and rice. The exercise was led by Accra Central Area Enforcement Manager, Mr. Joseph Adjeikwe Annan. LIVE UPDATE: THE GRA HAS CONDUCTED A SWOOP EXERCISE ON TWO COMPANIES FOR NON-ISSUANCE OF VAT INVOICE TO CUSTOMERS AT NORTH INDUSTRIAL AREA, KANESHIE. THE TWO COMPANIES; SIKA KROABEA COMPANY AND MS…

02 Feb

GRA Descends On Melcom Over Issuance Of Fake Electronic VAT Invoices

wontumionlineBusinessCID, Joseph Annan, Melcom, VAT

Managers for Melcom, Kasoa, North Kaneshie and Achimota branches have been picked up by the Customs Division of the Ghana Revenue Authority (GRA) for alleged refusal to issue electronic VAT to customers. The GRA on Wednesday, February 1, 2023 embarked on a special operations, which focused on the branches of Melcom shops in some parts of the Greater Accra region. The exercise is part of moves by the GRA to ensure total compliance with the electronic VAT laws. Melcom is part of 50 selected shopping centres engaged by the GRA to pilot the electronic-VAT initiative, aimed at improving transparency in…

30 Dec

2023 Budget Will Boost Revenue But Expenditure Estimate Is Not Realistic – Fitch Solutions

wontumionlineBusinessExpenditure, Fitch solutions, Minister of Finance, Revenue, VAT

Research and market information firm, Fitch Solutions, expects Ghana’s revenue collection to improve significantly in 2023 on the back of an increase in the Value Added Tax (VAT) rate and other tax measures. However, it is worried the expenditure estimate for next year is well above its 2022 target, despite its weak fiscal position. Speaking on the outlook of the Ghanaian economy for 2023, a Senior Country Risk Analyst at Fitch Solutions, Mike Kruninger, expressed worry that the 2022 Budget was expansionary rather than contractionary and failed to address the weak economic fundamentals. “Minister of Finance, Ken Ofori Atta, presented…

01 Dec

GRA Enforces VAT Compliance At Quarry Sites; One Local, Five Chinese Quarries In The Net

wontumionlineBusinessGhana Revenue Authority, VAT

The Ghana Revenue Authority (GRA) has begun enforcement of VAT compliance at stone and sand quarry sites across the country, with the aim of shoring-up revenue to meet its GH¢80.3billion tax target for the year. The Authority says its ongoing activity forms part of a series of enforcement to be done before end of the year, as major emphasis will move to the hospitality sector during the festive season. In a compliance exercise that started this week, five Chinese firms – Top Stone Quarry, Uniafrika, Massaike & Sabbagh Company Ltd., Derby Quarry Ltd., and Orient Quarry located at the Shai…

13 Oct

Our Concerns Are Legitimate- Government Should Consider Flat VAT Rate – GUTA

wontumionlineFeatured, News, TrendingGovernment, GUTA, Tax, VAT

The National Financial Secretary for Ghana Union of Traders Association (GUTA), Nana Kwabena Pepprah who doubles as GUTA Greater Accra Chairman has pleaded with government to consider the payment of flat Value Added Tax (VAT) rate to boost the payment of taxes. Speaking with Kwaku Dawuro on Movement In The Morning Show, Nana Kwabena Pepprah stressed that GUTA is not against the payment of VAT but against the disparities that exist in the payment. Speaking he said that ‘’we support the payment of taxes and VAT because it is the only way we can build our economy. GUTA's challenge is…

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,…

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…